India Stocks Climb to Fresh Records on Steady Foreign Inflows
India Stocks Climb Toward Fresh Record on Steady Foreign Inflows
(Bloomberg) -- India stocks rose as inflows from foreign investors headed for a record quarter.
The S&P BSE Sensex climbed 0.8% to 47,353.75 in Mumbai. The NSE Nifty 50 Index advanced 0.9%. Both gauges closed at fresh all-time highs.
Indian equities have surged as part of a global shift by investors into emerging markets as countries begin rolling out vaccines. The inflows have shown little sign of slowing for the holiday season, as investors poured about $6.5 billion into the market this month, data updated through Wednesday showed. That would be the second-highest monthly total on record.
“Investors should stay focused on quality sectors and stocks, and also watch the trend in foreign investor inflows, which is the main factor of the recent rally,” said Vinod Nair, head of research at Geojit Financial Services Ltd. in Kochi.
The Numbers
- All 19 sector sub-indexes compiled by BSE Ltd. advanced, led by a gauge of real estate companies
- All but two of the 30 constituents of the Sensex index gained
- HDFC Bank Ltd. contributed most to the index advance and jumped 1.2%, while Titan Co. Ltd. was the biggest winner, rising 3.2%
Related Stories
- Stocks in India Set for Record Quarterly Foreign Inflows: Chart
- Investors Rethink Role of Bonds, Tech and ESG After Chaotic Year
©2020 Bloomberg L.P.