SINGAPORE (May 20): The Tantallon India Fund closed down 1.89% in April weighed down by the rupee and another bout of risk-off as crude prices spiked on US President Donald Trump’s decision to further limit Iranian oil exports and the Druzhba pipeline debacle. On the ground, corporate earnings for the small- and mid-cap universe continue to surprise on the upside, well ahead of the more muted performance out of the large-cap index heavy-weights. Market participants are in “wait-and-watch” mode, however, as the Indian general election (the largest democratic electoral exercise in history, with 900 million registered voters potentially casting a vote) draws to a close; a Modi victory would be a clear positive for sentiment and the market.

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