Some of the biggest names on Wall Street all love the same stock market

pulse

May 11, 2017 6:53 PM

India's stock market is the best performing in 2017 among major markets.

Since Donald Trump's victory in November, the US stock market has reached new highs.

But many Wall Streeters think American equities have reached their ceiling.

The high cost of US stocks has many Wall Streeters looking for more affordable markets with better opportunities for growth. One such market is India.

Indian markets have rallied 17.5% since hitting a low in late November amid concerns about demonetization of the rupee. It is the best-performing major market so far this year, despite analysts warning about lofty valuations.

Taking a longer view, the benchmark Sensex index has rallied over 240% since the 2008 financial crisis. But unlike US markets, which have also climbed, investors think the best is yet to come for Indian markets.

In an interview with Indian news channel ET Now, billionaire investor Warren Buffett described India as a "huge, enormous market." He also said "the potential for India is incredible."

The Oracle of Omaha added he would "hop on a plane" to India in a moment's notice for the right investment opportunity. "If you tell me a wonderful company in India that might be available for sale, I'll be there tomorrow," he said.

In a recent interview with Business Insider, Martin Gilbert, the head of the UK-based Aberdeen Asset Management, said India is the best market out of all emerging markets. He told Business Insider, "India quietly grows at 6%, 7%, a year."

Jeff Gundlach, founder and chief executive officer of DoubleLine Capital, named India as his "favorite stock market."

pulse