Indian share benchmarks set for longest weekly losing run in 25 years
INDA•Indian share benchmarks were on course for an eighth straight weekly loss, their longest such streak in 25 years. Foreign investors sold $1.06 billion of Indian shares on Wednesday, bringing year-to-date selling to a record $27.8 billion.
1. Benchmarks extend losses
Indian equities edged lower on Thursday, with the Nifty 50 down 0.28% at 22,558.95 and the Sensex down 0.12% at 72,389.51 as of 9:44 a.m. IST. The benchmarks were on course for their eighth consecutive weekly loss; markets would be closed Friday for a local holiday.
2. Foreign selling weighs
Foreign investors sold $1.06 billion in shares on Wednesday and about $3.6 billion over the previous five sessions, taking year-to-date selling to a record $27.8 billion. Eleven of 16 major sectors declined, while small-caps fell 0.6% and mid-caps lost 0.3%.
3. Sector moves
The auto index fell 2.4%, with Bajaj Auto down 6% and Mahindra & Mahindra down 2.4% after both reported declining domestic sales. The IT index gained 0.9%; Kotak Mahindra Bank rose 3% after appointing Anup Kumar Saha as CEO for a three-year term.
