The NSE Nifty 50, India’s main benchmark index, reached an all-time high as it crossed the 16,000 mark for the first time on Tuesday. The streak is fueled by the receding second wave of the Coronavirus and investors’ bets on the country’s central bank decision to leave interest rates at historic lows.

In July alone, the $2.5 billion of Indian stocks purchased by local insurance firms and mutual funds drove the market up, overpowering the $1.7 billion of selling pressure from foreign outflows.

Local personal investors on Indian Robinhood-like apps pitched in to the rally with a focus on Energy and IT stocks. Their interest in trading is likely to persist with the Securities and Exchange Board of India (SEBI) reporting a 35% surge in newly opened retail accounts in their last report ending March.

Indian large and mid-cap stocks are accessible through 14 ETFs tracking 5 indices with a total of €7.51Bn of assets. This segment posted €9.66M of net inflows on Wednesday with a near flat return of +0.01%.

 

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