Indian Markets Pull Back Off Of Recent Highs After Syrian Air Strike

April 7, 2017 9:57am BATS:INDA NASDAQ:INDY

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India’s two major stock market indexes closed lower on Friday, paring their weekly gains, after the U.S. air strike on Syria rattled global investors.


Both the Sensex and the NSE Nifty 50 Index fell 0.7% for the day, as the India NSE Volatility Index — India’s equivalent of the VIX — jumped 3.6%. The Sensex and Nifty 50 had both hit fresh all-time highs earlier this week, before reversing lower over the past two sessions.

Bloomberg has some details on the biggest winners and losers in today’s Indian market action:

Drugmaker Sun Pharmaceutical Industries Ltd. declined 3.1 percent as ET Now reported that the U.S. Food & Drug Administration is conducting an inspection at its Dadra plant. Bharti Airtel Ltd., the nation’s biggest wireless carrier, advanced 0.9 percent after the telecommunications regulator asked rival Reliance Jio Infocomm Ltd. to withdraw a promotional offer.

On the U.S.-listed ETF side of things Friday morning, the iShares MSCI India ETF (BATS:INDA) was trading at $32.01 per share, up $0.01 (+0.03%). Year-to-date, INDA has gained 19.40%, versus a 5.17% rise in the benchmark S&P 500 index during the same period.

INDA currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #3 of 77 ETFs in the Asia Pacific Equities Ex-China ETFs category.

Meanwhile, the iShares S&P India Nifty 50 Index Fund (NASDAQ:INDY) was trading at $32.56 per share on Friday morning, down $0.23 (-0.70%). Year-to-date, INDY has gained 19.09%.

INDY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #14 of 77 ETFs in the Asia Pacific Equities Ex-China ETFs category.


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