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Bloomberg
Indian stocks rebounded from a three-month low, with the benchmark index rallying the most in Asia, as a spurt in global equities lifted investor sentiment.
A gauge of lenders climbed the most among the nation’s 14 sector indexes, while an index of metalmakers ended three days of losses.
A measure of mid-sized stocks rose to within a whisker of its life-time high set two weeks ago.
Stocks rallied around the world, pulled higher by commodities, on speculation that the U.S. Federal Reserve will look past a pick-up in the global inflation and stick with a gradual tightening of monetary policy. The MSCI All Country World Index of equities headed for its biggest gain in almost four weeks.
“The Fed decision, U.S. presidential elections and the health of European banks are the short-term triggers, and our daily movement will be dictated by how global markets do,†said Vijay Chopra, managing director of New Delhi-based Enoch Ventures Pvt. Chopra said he’s bullish on shares of financial-services companies, chemical producers and miners.
Global funds sold $374 million of Indian shares in the past four sessions, the longest streak of withdrawals in more than three weeks as they weighed the prospects of a Fed rate increase and awaited domestic company earnings reports.