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Global Funds Set Record with US$10B+ Net Sell-off of Indian Shrs Last Mth
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Global funds set an all-time record by pulling out over US$10 billion in Indian stocks on a net basis last month, which led to a technical correction in India's stock market benchmark index, Bloomberg reported. The benchmark NSE Nifty 50 Index waned 6.2% last month, marking its worst performance since March 2020. However, the index has still managed to gain over 10% this year, achieving an unprecedented nine-year consecutive rise. Domestic institutional investors in India have purchased Indian shares worth over US$50 billion this year to prevent further market decline. Goldman Sachs also technically downgraded Indian stocks from Overweight to Neutral last month in light of slowing economic growth and high valuations. AAStocks Financial News |
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