India ETF (NFTY) Hits New 52-Week High
FT India Nifty 50 EW ETF NFTY is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 32.15% from its 52-week low price of $44.66/share.
Are more gains in store for this ETF? Let us 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.
NFTY in Focus
The underlying NIFTY 50 Equal Weight Index is an equally weighted index that tracks the performance of the 50 largest and most liquid securities in India listed on the National Stock Exchange of India. The product charges 80 bps in annual fees (see: all Asia-Pacific (Emerging) ETFs).
Why the Move?
India's potential for growth makes it an attractive choice for investors. Recent upgrades in growth forecasts for the country, driven by robust public investment and strong private consumption, boost the prospects for the fund. Additionally, an increasing workforce population, an uptick in consumer spending and a surge in new business establishments are favorable.
More Gains Ahead?
Currently, NFTY has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 29.68, which gives cues of a further rally.
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