India’s Sensex made new high in Rupees, up 25% from the lows in USDs.
The Rupee is more a driver of sentiment than EPS but ACC/AC EM plus INR moves favourable, while other EM currency exposure positive. Has lagged the SXXP considerably.
Valuation post the move this morning, still sub 11x on Y2 on the roll forward, Y2 PE range ex crisis is 11-16x, seems wrong for a cyclical at this point in the cycle.
Buy
