Waiting for the Rains

The Indian equity market has navigated well through the Union general elections, despite an unexpected outcome from an equity market standpoint. After consolidating for a couple of weeks, the frontline indices once again touched all-time highs. The question is how sustainable is this? The next immediate hurdle for the market is the monsoon. The rains are more than just a weather phenomenon. They play a critical role in shaping India’s economic landscape. With an economy valued at slightly over USD 3.7 trillion, India heavily relies on agriculture.