Indian Stocks Slip Further After Biggest Sell-Off in Three Weeks
India Stocks Rebound After Biggest Selloff in Three Weeks
(Bloomberg) -- Indian stocks fell, adding to the benchmark’s steepest decline in three weeks, as investors assessed the economic impact of the novel coronavirus.
The S&P BSE Sensex dropped 0.2% at the 3:30 p.m. close in Mumbai. The NSE Nifty 50 Index also advanced 0.3%.
India’s stock market is the only major one in Asia that’s posted foreign inflows so far this year, with a net inflow of $3.5 billion since January, according to data compiled by Bloomberg. Meanwhile, the central bank and policy makers are mulling steps to boost growth in an economy set for its weakest expansion in 11 years.
Strategist View
“It’s clear that the virus will cause companies to suffer earnings losses around the globe,”said Dharmesh Kant, head of retail research at Indianivesh Securities Ltd. in Mumbai. “The question is whether that has been accounted for in the recent sell-off.”
The Numbers
- Fourteen of 19 sector sub-indexes compiled by BSE Ltd. fell, led by a gauge of energy companies
- Half of the 30 shares that make up the Sensex rose, while half fell
- TCS contributed most to the index advance and was the biggest winner with a 1.9% gain; Reliance Industries contributed the most to the index decline with a 2% fall, Sun Pharma was the biggest loser with a 2.4% fall
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To contact the reporter on this story: Ronojoy Mazumdar in Mumbai at rmazumdar7@bloomberg.net
To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Namitha Jagadeesh
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