Analysis-Investors dig into India’s stock market as China flounders, discount risks

India's $4 trillion stock market is pulling in billions of dollars of domestic and foreign money as investors flock to a fast-growing alternative to China, brushing aside risks around overpriced shares, upcoming elections and regulatory uncertainty. The stream of investment has lifted the benchmark NSE Nifty 50 Index by a third in the last 10 months and attracted $20 billion in foreign inflows in 2023, according to India's national depository data. India's allure is rising this year as global investors seek substitutes for sickly Chinese markets and as expectations grow that national elections this year will see current Prime Minister Narendra Modi return for a rare third term.