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Indian shares rise 1.0pc lifted by pharma

September 21, 2022 00:00:00

BENGALURU, Sept 20 (Reuters): Indian shares ended up 1 per cent on Tuesday in broad-based buying, led by a surge in pharma stocks, even as global markets remained muted, anticipating hefty interest rate hikes from a host of central banks.

The NSE Nifty 50 index rose 1.1 per cent to 17,816.25 and the S&P BSE Sensex ended up 0.98 per cent at 59,719.74.

"People think that the inflation problem in India is not as severe as abroad. Other thing is that we have enough domestic liquidity. We don't have any large initial public offerings that are sucking out money," said Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors.

"Many of the defensives have done well today on concerns of over valuation," he added.

Foreign investors on Monday sold $435.6 million worth of Indian equities, Refinitiv Eikon data showed.

Much of the foreign selling is in the large-cap space, Emkay Wealth Management said in a note.

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