For investors seeking momentum, WisdomTree India Earnings ETF (EPI Quick QuoteEPI - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up about 31.5% from its 52-week low price of $16.55/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.

EPI in Focus    

EPI gives exposure to profitable all cap Indian stocks. EPI charges investors 84 basis points a year in fees and has top holdings in Reliance Industries, Infosys and Housing Development Finance Company (see all Asia-Pacific (Emerging) ETFs here).

Why the Move?

The Indian market has been on radar since the pro-growth government led by Narendra Modi took charge of India in 2014. Several rate cuts, the passage of a nationwide goods-and-services tax bill and the four-year best GDP growth rate in fiscal 2016 are positives that attracted foreign investors to this emerging economy.

Also, talks of government employees getting their annual bonus dues and the hike in the minimum wage of unskilled non-agricultural laborers boosted India ETFs like EPI on Tuesday as these government initiatives are expected to translate into higher consumer spending.

More Gains Ahead?

The fund has a Zacks ETF Rank #2 (Buy). Also, the product has a positive weighted alpha of 18.30, indicating more gains.

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