Home » Indian funds sell shares after 17-month buying spree

Indian funds sell shares after 17-month buying spree

by archyde

investment institutions Hindi It begins selling domestic stocks at the same time as foreign funds return to the country’s $3.4 trillion stock market.

Local institutions sold $889 million in stock in August, the first month to report a net sale since February 2021.

Foreigners have bought $7.6 billion worth of shares since the end of June, after their historic withdrawal of $33 billion worth of shares since October.

The change of owner did not affect the rally in Indian stocks, which have risen in value by a strong 10% since the end of June even though stock markets in the rest of the world are notably weak.

Bank of America: Funds are catching up with the pessimism towards the stock markets

Despite the general selling activity on the part of local investors, continued investment funds Receiving monthly cash flows in excess of $1 billion.

Giant hedge fund betting “We are sunset” (Man Group) on defense stocks in India, and a technical illustration indicates that Indian stocks are poised to take off.

India’s benchmark stock market index, the NSE Nifty 50 Index, has been going through a so-called golden cross pattern for a week, where the 50-day moving average crosses the 100-day moving average to indicate an uptrend.

The last time the golden cross pattern occurred in July 2020, the Nifty 50 jumped nearly 90% over a 15-month period.

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