Indian stocks extend losses as foreign outflows reach $3.6 billion in five sessions

  • BSE Sensex fell 0.1% to 72,434, extending losses for a fourth session.
  • Foreign investors sold $1.06 billion of Indian equities on Wednesday.
  • Kotak Mahindra Bank appointed Anup Kumar Saha chief executive for three years.

India’s BSE Sensex fell about 0.1% to 72,434 on Thursday, extending its decline to a fourth straight session as continued foreign investor selling weighed on sentiment. Foreign investors sold $1.06 billion of Indian equities on Wednesday, taking their combined outflows over the past five sessions to about $3.6 billion and year-to-date selling to $27.8 billion. Brent crude slipped to around $98 a barrel amid developments in U.S.-Iran ceasefire talks, offering some relief to India, the world’s third-largest crude importer. U.S. inflation was softer than expected in August, with the Federal Reserve’s preferred PCE price index rising 3.4% from a year earlier versus a 3.7% forecast, reducing expectations of an October rate increase and easing pressure on emerging-market assets. Mahindra & Mahindra, MTAR and Cupid fell, while Kotak Mahindra Bank gained about 2.4% after appointing Anup Kumar Saha as chief executive for a three-year term, succeeding Ashok Vaswani when his term ends next year. Indian markets are scheduled to close Friday for a local holiday.

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