Foreign institutional investors (FIIs) continued their selling spree on Thursday, offloading Indian equities worth Rs 6,867.72 crore even as domestic buyers remained net buyers at Rs 3,718.38 crore.
Notwithstanding the sell-off by foreign investors, Indian headline indices on Thursday ended in the green for the second day in a row aided by strong gains in the IT and energy stocks. While the S&P BSE Sensex settled at 75,074.51, up by 692.27 or 0.93%, the broader Nifty closed at 22,821.40, higher by 201.05 points or 0.89%.
Foreign portfolio investors were net sellers at Rs 5,656 crore on Wednesday. DIIs too sold shares worth Rs 4,555 crore.
FIIs had sold Indian equities worth Rs 12,436.22 crore on Tuesday, the day when the election verdict came out. On this day even the DIIs sold shares worth Rs 3,318.98 crore. The total sell-off shot-up to 15,755 crore.
The FII trends over the last three sessions are in sharp contrast to Monday’s buying action where both FIIs and DIIs were net buyers and purchased shares worth Rs 6,851 crore and Rs 1,914 crore, respectively, taking the overall tally to Rs 8,765 crore. The Monday buying was on the back of exit polls, which had given a thumping majority to the BJP-led NDA alliance.
On Thursday, in terms of individual contributors, Infosys, State Bank of India (SBI) and Larsen & Toubro (L&T) added to the gains in benchmark indices majorly.
The top Nifty gainers were Tech Mahindra, HCL Technologies, Shriram Finance, SBI Life Insurance and SBI while the top losers were Hindalco Industries, Hero MotoCorp, Hindustan Unilever (HUL), Asian Paints and Mahindra & Mahindra (M&M).
Fear index India VIX has been on a downward trend over the past two trading sessions. It settled at 16.80, down by 11.04% over the previous session’s closing of 18.89.
Also Read: Gas sector may come under GST purview in Modi 3.0, GAIL, MGL to be top beneficiaries: Citi
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
