GAGA Share Market News

[hfe_template id='11223'] [ad_1] A surge in share supply from initial public offerings and sales to institutions is adding pressure on Indian equities, which are already grappling with weak earnings and selling by overseas investors. Hyundai Motor India Ltd. raised $3.3 billion in the nation’s largest IPO on Thursday, and further listings worth $6 billion have been approved by the regulator, according to data from primedatabase.com. This supply overhang coincides with slowing corporate earnings and withdrawals of over $7 billion this month by global funds. While aggressive purchases by local institutions have buffered the outflows, the stock market is still set for its worst month in more than two years. “Given the increase in supply, strong domestic fund flows might not be sufficient to ensure that the market is only in an uptrend,” said Ashish Gupta, chief investment officer at Axis Mutual Fund, which has $37 billion in assets. Bloomberg With Hyundai’s proceeds, India...

[hfe_template id='11223'] [ad_1] Overseas investors sold Indian stocks every trading session this month, taking the net outflows to the highest since March 2020. Foreign funds withdrew more than $7 billion from Indian equities in the month through Oct. 14, according to data compiled by Bloomberg. If the trend continues, the month will see the biggest exit since a record selloff during the pandemic. A fierce rotation to China following a barrage of stimulus measures sucked money out of other Asian markets. Purchases of nearly $7.2 billion by local investors in the same period helped offset the losses in India, but the sentiment is turning. The number of bulls equaled bears to extinguish the overweight stance on India in a BofA Securities survey. That’s a sharp U-turn from a net 32 percentage point lead for optimists in July. “The upliftment in sentiment on China has come at the expense of India as seen from the dissipation of the gap in allocations,” Ritesh Samadhiya, a s...