Foreign investors bought $5 billion worth of Indian stocks in May, the highest since August, according to Bloomberg. Global investment funds continued to buy shares of Indian companies for 24 consecutive days until May 31st.
This increase in investment has turned the Indian stock market into one of the leaders among emerging Asian countries in the current quarter. The Nifty 50 is up more than 6%.
One of the reasons for this interest in India was its strong domestic economic position compared to a losing momentum China, as well as the growing risk of recession in the US.
Analysts predict that India will become one of the world's top three markets, surpassing Europe and China in double-digit corporate revenue over the next five years.
Cigarette company and hotel owner ITC Ltd., as well as the largest drug manufacturer, Sun Pharmaceutical Industries Ltd. received the largest amount of investments. In addition, investments were also received by the State Bank of India and ICICI Bank Ltd., as well as companies of the Adani Group.