India Sensex Clocks Best Week Since November as Foreigners Buy
(Bloomberg) -- India’s benchmark index completed its best week in more than four months as foreign investors poured funds into equities.
The S&P BSE Sensex gained 0.7 percent to 38,024.32 at the close in Mumbai, taking its advance for the week to 3.7 percent, its biggest increase since the five days ended Nov. 2. The NSE Nifty 50 Index also climbed 0.7 percent.
Overseas investors bought $2.2 billion of stocks through March 13, almost matching purchases for the whole of February. Net buying is headed for the biggest two-month inflow in two years.
Strategist View
“Foreign inflows have helped keep up market momentum and there are now gains on the table for local investors to pick up,” said Jitendra Panda, managing director at Peerless Securities Ltd. in Kolkata.
The Numbers
- Fifteen of 19 sub-indexes compiled by BSE Ltd. advanced, paced by a gauge of power companies
- Kotak Mahindra Bank Ltd. contributed the most to the index gain and had the largest move, increasing 4.3 percent.
- Reliance Industries Ltd. was the biggest drag on the index, declining 1.4 percent. Hindustan Unilever had the biggest drop, falling 2.2 percent.
- 3i Infotech Ltd. climbed 9.1% on a news report that Samara Capital is in talks to buy the company
Analyst Notes/Market-Related Stories
- Religare Gains After Report Singh Brothers Ordered to Repay Co.
©2019 Bloomberg L.P.