Local Funds Help India Stocks Shrug Off Rajan Exit Fears: Chart

Indian mutual funds and state-run insurance companies bought the most shares in almost four weeks on Monday, even as overseas investors sold on the news of the central bank Governor Raghuram Rajan’s impending exit. “It did seem like the domestic institutions supported the markets,” Manoj Nagpal, chief executive officer at Mumbai-based Outlook Asia Capital Pvt., an investment consulting and wealth management firm, said by e-mail. The purchases helped the benchmark equity index rebound from its morning lows.

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