Overseas Funds buy $24.5m of Indian stocks

Overseas funds bought a net 1.14bn rupees ($24.5 million) of Indian equities yesterday, taking their investments in stocks this year to 793.2bn rupees, the nation’s market regulator said today. Investors acquired 23bn rupees of shares and sold 21.8bn rupees, the Securities and Exchange Board of India said. They bought a net 1.94bn rupees in bonds. Purchases by global investors have reached $16.6bn this year, approaching the record $17.2bn of net inflow into stocks in 2007. That’s fueled a 75 per cent advance in the benchmark Sensitive Index this year, with the index poised for the biggest annual gain in 18 years. The funds bought a net 63.2bn rupees of debt this year, compared with 118bn rupees in 2008.