For investors seeking momentum, iShares India 50 ETF (INDY Quick QuoteINDY - Free Report) is probably on radar now. The fund hit a 52-week high, and is up about 22.4% from its 52-week low price of $31.04/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:

INDY in Focus    

This ETF provides exposure to the Indian stock market. It focuses on large cap stocks with key holdings in financials, information technology and energy. The fund charges investors 92 basis points a year in fees and has top holdings in Reliance Industries, HDFC Bank and Housing Development Finance (see: all the Emerging Asia Pacific ETFs here).

Why the Move?

India ETFs have been an area to watch lately given the optimism building up around the victory of prime minister Narendra Modi's party in the upcoming general elections, and hopes of deeper economic reforms and further monetary policy easing. Additionally, the Fed’s dovish outlook on future rates hike as well as the European Central Bank’s downgrading outlook on Eurozone’s economy has renewed optimism in this emerging market, inviting large inflows into the country.

More Gains Ahead?

Currently, INDY has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.

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