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Will rising U.S. interest rates tame India's bull market?

Competing forces set to provide drama and volatility in months ahead

| India
The Bombay Stock Exchange building in Mumbai, pictured on Feb. 1: rising valuations and a buoyant market last year should hardly have come as a surprise given how much liquidity the Reserve Bank of India provided the markets.   © AP

Henny Sender is a managing director at BlackRock in Hong Kong and a former Financial Times correspondent.

When Nykaa, a Mumbai-based mostly online cosmetics and beauty e-commerce site went public in India last fall, the issue was oversubscribed, rising almost 90% on its first day of trading.

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