Indian economy resilient; accumulate stocks on correction: Report

New Delhi : The Indian economy is resilient and has shown strength despite weakness across the globe whereas any correction in its equity markets should be utilized as an opportunity to invest for the long-term, said financial services firm Emkay Wealth Management.
The strength in the country’s economy can be seen in its equity and currency markets as the correction in the Indian benchmark indices and rupee has been quite low compared to the other emerging market economies, it said in a note.
“On a closer look at the selling by overseas investors closely, it can be seen that much of it is in the large-cap space and not in the mid-cap or small-cap space,” it added.
Currently, western economies have been going through sharp volatility with high energy prices posing challenges to growth .
Bucking the global trend, India’s latest GDP data, it said, reflect a resilient and robust economy compared to any of the comparable economies in the emerging markets space.
“While the selling by overseas investors has been there in all the emerging markets, the extent to which the currency depreciated is also comparatively less in the case of the domestic economy.”