Mumbai: Indian stocks extended gains from a record close ahead of a key economic report later this week as foreign investors pumped their highest amount of funds into the market since March.
The S&P BSE Sensex climbed 0.5% to 41,081.76 as of 9:42 a.m. in Mumbai. The NSE Nifty 50 Index advanced 0.4%, on course for its highest ever close.
Foreign fund’s have invested net $2.27 billion in Indian equities so far this month amid the prospect of more government stimulus to spur slowing economic growth. A report Friday may show the nation’s economic expansion slowed in the third quarter, according to the median estimate of economists in a Bloomberg survey.
Strategist View
“When the liquidity flow from foreign investors is there, it’s a tsunami and we need to enjoy it,” said A. K. Prabhakar, head of research at IDBI Capital Market Services Ltd. in Mumbai. “The bullish sentiment may continue till the end of the year.”
The Numbers
- Seventeen of 19 sector sub-indexes compiled by BSE Ltd. gained led by a gauge of metal companies
- ICICI Bank Ltd. contributed the most to the index advance with a 1.5% jump; Tata Steel Ltd. was the biggest gainer, rising 1.7%; Bharti Airtel Ltd. was the biggest drag on the index and fell the most, slipping 1.7%-Bloomberg
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There is no foreign, phoreign in Mumbai. It is all Desi Bhais pouring money from British colonies.