India's Missing Investors

The country's stock rally is relying too much on foreigners.

Ordinary Indians haven't benefited from an equity boom.

Photographer: Santosh Verma/Bloomberg News

If Prime Minister Narendra Modi has delivered one thing in his first ten months in office, it's been electricity to India’s stock markets. India’s benchmark Bombay Stock Exchange (BSE) Sensex recorded a 31 percent jump in 2014. Only the insane runup in Shanghai's bourse -- up 90 percent in the past 12 months -- has overshadowed the Indian rally.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.