Global investors dumped a net $1.5bn worth of Indian stocks on Friday, marking the single biggest day of selling since September 2022 as mixed earnings, rising oil prices and “higher for longer” rates in the US weighed on appetite.
The surge in sales by global funds follows a rush of inflows to India earlier in the year on the back of strong growth as investors shifted out of sluggish Chinese markets. Indian shares are up about 13 per cent from a low in March of this year.
But analysts said Indian equities had been hit harder than other Asian markets in recent weeks. Weaker than expected earnings by IT companies and downbeat commentary from some Indian banks contributed to uncertainty over the strength of the country’s economic momentum.
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