Global funds find bright spots in India despite equity outflows
Overseas investors are finding opportunities in India despite record outflows from local shares last month, signaling potential in specific sectors.
Industrials, health-care and telecommunication stocks have drawn net inflows of about $3 billion each this year through Nov. 15, according to data from the National Securities Depository Ltd. That’s in contrast to overall withdrawals of over $2 billion in the period, following an unprecedented wave of selling in October.
Global funds have piled into sectors with strong growth potential, while pulling back exposure to sectors like banks, consumer and energy — the stragglers of 2024 — as the momentum that drove the broader market to a life-time high in September has been dented by slowing earnings growth and a surge in share supply.
“Overseas investors are waking up to the fact that they own yesterday’s winners,” said Ritesh Jain, founder of Pinetree Macro Pvt., a global asset manager. It’s clear that the government’s focus is more on an investment-led growth and less of consumption, he said.
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