ETMarkets.comBSE Ltd.’s small and mid-cap indexes fell 1.7% and 3.4%, respectively, in the latest month. The declines came as overseas funds sold $2.6 billion of Indian equity in October, on a net basis, their biggest withdrawal since January. The small- and mid-cap gauges are still up more than 20% this year, outpacing the 5% rise in the benchmark S&P BSE Sensex.
The flight to safety amid rising interest rates and the threat of recessions has hit smaller growth stocks and emerging markets particularly hard. With some local uncertainty ahead of India’s national elections next year, traders may also have been tempted to take profits.
Agencies
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Apple Sounds Alarm Over Hacking, Govt Orders ProbeMessages from Apple to iPhones of several Opposition lawmakers and journalists warning them that they could be potential targets of an unspecified ‘state-sponsored’ privacy attack raised a furore in India Tuesday, prompting New Delhi to order a probe of the reported bids to hack into the seemingly breach-proof mobile devices caught in the poll-season political maelstrom.
Core Strong; Car Dispatches Hit a Fresh HighIndia’s infrastructure sector closed the September quarter on a firm note, while frantic festive demand lifted automobile dispatches to yet another record in October, highlighting the twin drivers of the economy — government capital expenditure and high-end consumption.
Group of Ministers may Oversee Online Gaming RegulationThe Centre is likely to set up a group of ministers (GoM) to look into the regulatory framework for the gaming industry and consider other issues impacting the sector.
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