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Indian Funds Make Record Single-Day Purchase Amount of Local Shares

INDIA

According to data compiled by Bloomberg, investors including mutual funds, banks and insurers bought a net $1.1bln of local shares today – a record single-day purchase amount – as they look to take advantage of the recent sell-off.

  • The Nifty (+0.68%) and Sensex (+0.46%) indices have partially recovered following moderate corrections yesterday, which were likely attributable to concerns about overheating in small- and medium-caps. Indeed, as of Wednesday, the MSCI India Small Cap Index had plunged close to 10% since the start of last week.
  • USD/INR ended the session 0.04% in the red, but still above pre-CPI levels. The pair briefly traded above the 200-DMA, an average which led to an acceleration in downside USD/INR momentum when it was broken below last week.
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