Shares of HDFC Asset Management Company and Nippon Life India Asset Management Company rallied upto 6% on Monday after Finance Minister Nirmala Sitharaman hinted that the government’s recent measures to attract foreign capital were only the first step and that additional initiatives could follow.
The rally in AMC stocks was also supported by expectations that easing of rules and additional reforms could make India a more attractive destination for global investors. Market participants believe that any move to increase foreign participation could benefit the financial sector, especially companies involved in managing investments.
