Indian stocks post longest winning streak in nearly five months on FPI inflow hopes
INDA•Indian benchmarks rose for a fifth session, gaining about 5.6% over five sessions, as foreign investors bought $821 million of shares since November began. The Nifty 50 rose 0.63% to 23,960.6, while the Sensex gained 0.5% to 77,301.4.
1. Benchmarks extend gains
Indian share benchmarks posted their longest winning streak in nearly five months on optimism over foreign fund inflows. The Nifty 50 rose 0.63% to 23,960.6 and the Sensex added 0.5% to 77,301.4; both have gained about 5.6% in five sessions. Foreign investors bought $821 million of Indian shares since the beginning of November, trimming net outflows this year to $30.59 billion.
2. IT shares decline
All major sectors except information technology rose. The Nifty IT index fell 1.5%, with Tata Consultancy Services dropping 2.5% and Infosys falling 1.7%. Three analysts said a possible effect of the Democrats' win in US midterm elections could be a slowdown in AI spending. Sunny Agrawal of SBICAPS Securities said IT stock selling likely reflected caution about the changing political landscape in the US, a key market, and profit-taking after strong gains last month.
3. Crude prices fall
Brent crude futures fell 1% to $102.5 per barrel as investors awaited Washington's next move in the US-Israeli war on Iran.
