Foreign inflows lift Indian stocks' dollar returns above rupee gains as currency rebounds

What happened: Foreign inflows lifted the rupee and pushed Indian equities' dollar returns above rupee returns, reversing a period of underperformance for overseas investors. Key numbers: Nifty 50 rose 11% in dollar terms from 30 October to 11 November versus 9.5% in rupee terms. FPIs net bought ₹60,698 crore in the first 11 days of November. The rupee appreciated 1.5% to ₹93.69. Why it matters: Market participants expect FPI purchases to gain momentum, and HSBC upgraded India to overweight while Citi raised its Nifty 50 target to 28,000 from 26,000.

Foreign inflows lifted the rupee and pushed Indian equities' dollar returns above rupee returns, reversing a period of underperformance for overseas investors.

Market participants expect FPI purchases to gain momentum, and HSBC upgraded India to overweight while Citi raised its Nifty 50 target to 28,000 from 26,000.