Foreign funds have accelerated buying of Indian stocks, pouring in more than $1 billion in each of the past three weeks, as Asia's fastest-growing economy is seen as a safe haven amid concerns of a global slowdown.
The strongest inflow to Indian equities since last August comes amid disappointment over China's economic recovery as well as fears that an impending recession in the US may pressure corporate earnings in export-focused economies including Taiwan and South Korea.
"India's economy is going from strength to strength," Chetan Ahya, chief Asia economist at Morgan Stanley Asia Ltd., wrote in a note earlier this week. A report from BofA Securities on Tuesday said that India has "leaped" from the bottom of the preference list of Asian fund managers to a net overweight position.
India's Nifty 50 and Sensex are closing in on fresh record highs, and are the best-performing benchmarks in the Asia Pacific region this quarter, after those in Japan. Overseas funds have supported that, with a net inflow of $4.4 billion since end-March, according to data compiled by Bloomberg.
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