For investors seeking momentum, IShares India 50 ETF (INDY Quick QuoteINDY - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 18.29% from its 52-week low price of $46.63/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 of where it might be headed:

INDY in Focus

The underlying Nifty 50 Index measures the equity performance of the top 50 companies by free float market capitalization whose equity securities trade in the Indian securities markets. The fund has a major tilt towards the financial sector, having allocated about 36.21% of the fund’s assets. The product charges 89 bps in annual fees (See: all Emerging Asia-Pacific ETFs).

Why the Move?

India's economy experienced its most rapid expansion in a year during the April-June quarter, driven by robust demand and a strong performance in the services sector. Achieving a GDP growth rate of 7.8% in the June quarter, India’s economy surpassed the expected 7.7% as projected in a Reuters poll, marking a significant increase from the 6.1% growth in the March quarter. Driven by substantial growth in both new orders and output, India's manufacturing sector saw its most rapid expansion in three months. The country’s private consumption also saw a surge from the previous quarter.

More Gains Ahead?

Currently, OIH has a Zacks ETF Rank #3 (Hold) with a High risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 8, which gives cues of a further rally.