BENGALURU, Jan 17 (Reuters) – Indian shares were higher in early trade on Tuesday, lifted by oil and gas stocks after the federal government cut a windfall tax on crude oil, though gains were capped by an ongoing selling streak by foreign investors.
However, those gains were capped on relentless outflows of funds from foreign investors.
Data showed foreign institutional investors extended their selling streak for the seventeenth day in a row – the longest such streak in six months – offloading 7.51 billion rupees ($92.00 million) worth of equities on a net basis on Monday.
In broader markets, the MSCI’s gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was down 0.51%.
China’s economy, the world’s second-largest, slowed in the fourth quarter due to stringent COVID curbs, dragging down 2022 growth to one of its worst in nearly half a century and heightening concerns about global growth.
($1 = 81.6280 Indian rupees)
Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Nivedita Bhattacharjee
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