(Bloomberg) -- Foreign investors’ January sale of Indian stocks reached its largest monthly total in a year, as global funds take profit from a recent rally.
Global funds took out more than $3.1 billion from local shares last month, according to data compiled by Bloomberg.
In 2023, global investors bought $21.4 billion of Indian shares on a net basis, the largest total in three years, with over 40% of foreign inflows coming during the last two months of the year. This helped benchmark S&P BSE Sensex stretch its yearly gain to almost 19%, its eighth consecutive annual advance.
Indian stocks have benefited from global funds’ waning appetite for China. But Beijing’s recent attempts to support its markets have made some investors contemplate a change in strategy, especially given high valuations in India.
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