Ocean Dial's Cornell: We do not want the old India or the country's top 100 stocks

David Cornell, manager of the closed-ended £120m Ocean Dial India Capital Growth fund, has said structural reform and technological revolution in India have led to a change in traditions and cultural behaviours, which in turn is having a positive impact on the country's economic climate and outlook for equities.

India's stockmarket was hit in Q1 following a combination of profit taking after a strong 2017 and the February proposal for a 10% tax on equities.  However, many managers and analysts told Investment Week they were unconcerned by the pullback, stating the market had simply "petered out" but that a "positive long-term" view remains. The country has undergone a period of significant change since Prime Minister Narendra Modi came into office in 2014 on the back of an ambitious reform programme, which Cornell said would initially be "painful" but the benefits are now starting to be reali...