Indian stocks lure $70 billion from domestic investors in 10 months

Indian investors have poured more than $70 billion into local stocks in the first 10 months of the year, putting inflows on track to reach an annual record just as global funds are exiting.

Retail investors, including non-residents, have bought almost $17 billion of local shares this year through October on the National Stock Exchange of India. The bourse accounts for more than 90% of the country’s equity cash trading. Local institutions added more than triple that amount.

Selling by foreign funds began in earnest in October, as pricey valuations and China’s rapid equity rebound spurred a pivot away from the South Asian market. Disappointing corporate earnings have also worsened the outlook for domestic equities. The Nifty 50 Index has fallen nearly 8% since reaching a record high in late September, but is still headed for a ninth straight year of gains.