(Bloomberg) -- Foreigners are set to end their longest monthly buying streak of India equities in two and a half years as the surge in oil prices dampens the South Asian market's otherwise positive outlook.
After six straight months of net buying, overseas funds have sold $1.93 billion worth of Indian stocks so far in September, according to data compiled by Bloomberg. The last such run of foreign inflows lasted until March 2021.
The latest exodus of foreigners from oil-importing India coincided with a rally in Brent crude prices, which have gained roughly 10% this month. September's selloff comes after the nation's stocks recouped $17 billion of net outflows from the previous year.
Nomura Holdings Inc. strategists including Chetan Seth upgraded India to overweight from neutral on Wednesday, saying any losses due to higher oil prices provide an opportunity to buy equities as the nation remains a major beneficiary of supply chains and investor flows diversifying away from China.
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