Indian shares struggle for direction after two-day selloff
INDA•Indian shares were mixed after a two-day selloff, with the Nifty 50 down 0.11% and the Sensex up 0.14% in morning trade. Foreign investors sold 99.8 billion rupees ($1.04 billion) of shares on Tuesday, while Brent crude rose about 1% to $103.5 a barrel.
1. Indexes move unevenly
Indian shares were muted as gains in most sectors after a two-day selloff offset continued foreign selling and rising oil prices. As of 9:40 a.m. IST, the Nifty 50 fell 0.11% to 22,691.80, while the Sensex rose 0.14% to 72,630.18; both indexes had lost about 1.8% over the previous two sessions.
2. Foreign selling persists
Foreign investors sold shares worth 99.8 billion rupees ($1.04 billion) net on Tuesday, their biggest outflow in about four months. They sold $2.7 billion of shares in September, bringing year-to-date selling to $26.75 billion. Twelve of 16 major sectors advanced, and small- and mid-cap indexes each gained 0.7%.
3. Oil and company moves
Brent crude rose about 1% to $103.5 a barrel after Donald Trump denied he would be willing to ease sanctions on Iran. Power Mech Projects gained 3.4% after winning a $57.2 million operations and maintenance order, while KPI Green Energy rose 2.1% after securing a $211 million order for a 500 MW/500 MWp solar plant in Rajasthan.
