Indian shares fell for a second consecutive session on Wednesday, as investors stayed cautious a day before the government unveils its annual budget, but indexes still posted their best month since October amid signs of recovering earnings. The broader NSE index fell 0.20 percent to 11,027.70, but gained 4.72 percent for the month, posting its second consecutive monthly gain. The benchmark BSE index closed down 0.19 percent at 35,965.02 but ended the month 5.6 percent higher.
Asian stocks were also down as the recent rise in global bond yields weighed on equities, with MSCI's broadest index of Asia-Pacific shares outside Japan edging 0.2 percent lower. Indian markets have been on a record-hitting spree in recent weeks, driven by liquidity, better-than-expected corporate earnings, and a positive economic growth forecast.
Foreign institutional investors (FIIs) sold shares worth 1.06 billion rupees, while domestic institutional investors (DIIs) sold 2.82 billion rupees worth of shares, according to exchange data. Investors are eagerly awaiting the federal budget, as the government aims to woo back rural voters and small businesses ahead of state elections.
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