Modi's victory has made a mockery of the criticism that demonetisation got: Christopher Wood
NEW DELHI: The stunning victory in Uttar Pradesh of the Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi's relentless campaigning, has sent the markets soaring. Christopher Wood, managing director and equity strategist at CLSA, has said investors should stay put in the Indian equity markets.
The results of Uttar Pradesh elections had made a mockery of the criticism that demonetisation got, Wood told Business Standard. A large number of experts and commentators had warned that demonetisation had hurt the poor and would hit the BJP's chances in the polls.
Wood said the outcome of the elections, especially in Uttar Pradesh (UP), was a big positive, and it confirmed that Prime Minister Narendra Modi should have a second term in government.
Unlike many other experts, Wood has been a strong supporter of PM Modi's move to ban high-value currency notes.
Soon after demonetisation was announced, Wood had written in his weekly newsletter ‘Greed & Fear’ that the decision was laudable but a massive political risk by Modi. He said it was inconvenient but the benefits of the move would outlast those inconveniences. India, he said, would see a V-shaped recovery.
“I have bought stocks which were hit due to demonetisation. Private banks will continue to take away market share from PSU Banks," Wood said while speaking on ET Now early this month.
The results of Uttar Pradesh elections had made a mockery of the criticism that demonetisation got, Wood told Business Standard. A large number of experts and commentators had warned that demonetisation had hurt the poor and would hit the BJP's chances in the polls.
Wood said the outcome of the elections, especially in Uttar Pradesh (UP), was a big positive, and it confirmed that Prime Minister Narendra Modi should have a second term in government.
Unlike many other experts, Wood has been a strong supporter of PM Modi's move to ban high-value currency notes.
Soon after demonetisation was announced, Wood had written in his weekly newsletter ‘Greed & Fear’ that the decision was laudable but a massive political risk by Modi. He said it was inconvenient but the benefits of the move would outlast those inconveniences. India, he said, would see a V-shaped recovery.
“I have bought stocks which were hit due to demonetisation. Private banks will continue to take away market share from PSU Banks," Wood said while speaking on ET Now early this month.
