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India ETF (INDA) Hits New 52-Week High
For investors seeking momentum, iShares MSCI India ETF (INDA - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 20.5% from its 52-week low price of $37.77/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:
INDA in Focus
The underlying MSCI India Index is designed to measure the performance of equity securities of companies whose market capitalization represents the top 85% of companies in the Indian securities market. The product charges 64 bps in annual fees.
Why the Move?
Indian shares advanced lately, thanks to information technology (IT) stocks, dovish commentary from a U.S. Federal Reserve official that boosted bets of rate cuts by as early as March 2024.
More Gains Ahead?
Currently, INDA might continue its strong performance in the near term, with a positive weighted alpha of 7.10, which gives cues of a further rally.