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India Shares gain as banks boost
September 19, 2022
The NSE Nifty 50 index (.NSEI) rose 0.7% to 17,649 as of 0455 GMT and the S&P BSE Sensex (.BSESN) was up 0.6% at 59,208. Both the indexes lost over 1.5% last week.
Investors braced for a week littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe and some risk of a super-sized hike in the United States.
“The entire market is focusing on U.S. Federal Reserve statement this week even though it has already discounted a 75 basis points rate hike,” said Prashanth Tapse, research analyst, Mehta Equities.
Markets will be looking at the Fed’s guidance for November, when another 75 basis points-hike is expected, Tapse said.
Despite Indian markets losing nearly 2% last week, foreign investors purchased a net $819 million worth of Indian equities, although they disposed of a net $258 million in the last two trading sessions, according to Refinitiv Eikon.
Data showed that tally for the month as of last close stood at $1.52 billion in net inflows.
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