Indian stocks will not recoup this year's losses anytime soon and 2020 will mark the worst annual performance in nine years on fears of a deep downturn in the economy and business activity, a Reuters poll of market strategists found.
BENGALURU - Indian stocks will not recoup this year’s losses anytime soon and 2020 will mark the worst annual performance in nine years on fears of a deep downturn in the economy and business activity, a Reuters poll of market strategists found.
While the index has recovered nearly 20% since hitting a record low - a day before the nationwide lockdown started on March 25 - it is still down around 26% so far this year. If the poll forecast is correct, that would leave the index down by 22.5% for this calendar year, its worst performance since 2011 and a massive downgrade from 43,560 predicted in the last Reuters poll three months ago.
Over 85% of strategists - 29 of 34 - who answered an additional question said the current macroeconomic backdrop and higher unemployment poses a “high” or a “very high” risk to their outlook for the next three months.
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