The Hindu Business Line : No pessimism over Obama win

Mumbai, Nov. 5 Despite America’s newly elected president, Mr Barack Obama’s anti-outsourcing stance, brokers here did not seem too pessimistic of what it would mean for the Indian economy.

Right until yesterday, there was a lot of selling at the IT counters on apprehension of an Obama-win. But now that the win is a reality, the selling appears to have subsided, and IT stocks closed flat today.

The Nasscom chief said on Wednesday that, “Obama’s outsourcing threat is not serious for India.”

“In the long run, the relationship between India and USA would not be negatively impacted. Nothing negative can be said of Obama as he has supported the $100-billion Indo-US nuclear deal,” said Mr Alex Mathew, head of research at Geojit Financial Services.

“The euphoria dies down once an event comes to an end. There was some amount of build up before the elections, now that it is over, people have started selling,” said Ms Anita Gandhi, Head of Institutional Business, Arihant Capital Markets. Mr Prashant Bhansali, Director at Mehta Equities said that for business community it would have been better if McCain had been elected as president.

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