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Modi’s re-election and the road ahead for the stockmarket

The ‘Indian story’ will be badly damaged if the formidable Narendra D Modi government is not re-elected for another term, Christopher Wood, managing director, equity strategist at CLSA, writes in his weekly note, 'GREED & fear'.

A key trigger for the markets, according to Wood, is kick-starting the investment cycle, which he feels will be more likely if the non-performing loan (NPL) overhang in the banking system is resolved.

The key question here, however, will be whether the deadlines will be enforced since the whole point of the deadline is to force decision-making and faster resolution.