Indian stock exchange traded funds were set for a higher open on Tuesday to end a four-day losing streak. India ETFs are up more than 20% this year but are pulling back after a foray above the 200-day moving average.
“Investors who felt left out in the rally since the beginning of the year are buying since the markets have fallen in the past few sessions,” said Alex Mathews at Geojit BNP Paribas Financial Services in a Reuters article.
The Indian equity ETFs have benefited from a stronger rupee. [India ETFs in Bull Market Territory]
Some of the largest ETFs tracking India include WisdomTree India Earnings Fund ETF (NYSEArca: EPI), iPath MSCI India ETN (NYSEArca: INP), Powershares India Portfolio ETF (NYSEArca: PIN), iShares S&P India Nifty 50 Index Fund ETF (NYSEArca: INDY) and iShares MSCI India Index Fund (NYSEArca: INDA).
Foreign funds withdrew $111 million from Indian equities on Monday “turning net sellers of domestic stocks for the first time in 18 days,” Bloomberg reported.
Powershares India Portfolio
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.