Foreigners turned sellers of Indian shares for the first week in 15, breaking a buying streak that helped push the country’s key stock gauges to all-time highs in July.
Global funds sold $238.8 million of shares last week, marking their first weekly selling since April 21, according to data compiled by Bloomberg. The strategy change coincided with a global equity selloff, triggered after Fitch Ratings’ downgrade of the US sovereign rating spurred rallies in Treasury yields and the dollar.
India’s benchmark Sensex surged to a record high in mid-July, gaining more than 17% from a March low. It’s down about 0.9% this month.
Read the full story on Bloomberg here.