Indian shares on Wednesday hovered at three-week highs hit in the previous session, tracking an overnight fall in oil prices and gains in other Asian equities following the overnight rally in Wall Street on strong corporate reports.
"There are two factors supporting the ongoing rally in the market: one, support from the U.S. market aided by some excellent quarterly results, and two, foreign investors selling getting completely overwhelmed by domestic buying," said V K Vijayakumar, chief investment strategist at Geojit Financial Services.Foreign institutional investors sold a net of 1.53 billion Indian rupees worth of equities on Tuesday, while domestic investors bought 20.
Oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese fuel demand. Crude prices were higher in early Asian trade. India, the world's third-biggest importer and consumer of oil, benefits from a fall in crude prices as it brings down imported inflation.
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