Foreign investors have sold $14 bn of Indian stocks over the last 32 sessions through Tuesday, as they move to China after Beijing's stimulus measures.
Indian shares opened lower on Wednesday as a spike in retail inflation dampened hopes of a rate cut by the Reserve Bank of India (RBI) next month, adding to concerns over dull earnings and sustained foreign outflows.
The NSE Nifty 50 shed 0.27% to 23,819.75 as of 9:30 am IST, while the BSE Sensex lost 0.1% to 78,620.6. The benchmarks fell about 1% each in the previous session.
Foreign investors have sold $14 billion of Indian stocks over the last 32 sessions through Tuesday, as they move to China after Beijing’s stimulus measures. This has triggered a 9.3% fall in the Nifty 50 from a record high on September 27.
