India’s equities rally, which has made the market the region’s most expensive, is giving the nation’s largest investor a pause.
“We don’t want to buy in equity, we are contrarians,” V.K. Sharma, chairman at the Life Insurance Corp. of India, told reporters Tuesday. The insurer, whose assets of 27 trillion rupees ($419 billion) tops that of all Indian mutual funds combined, says it will restrain new purchases through the March year-end, while adding to its holdings of government debt ..