FIIs sell ₹25,000 crore in Sept on high US bond yields, crude oil prices; What’s expected in Oct?
Foreign institutional investors (FIIs) continued their selling streak even as Sensex and Nifty settled higher tracking positive global cues on Friday, September 29. The domestic institutional investors (DIIs) are net buyers again and invested ₹2,751.49 crore in Indian stocks today.
FIIs have sold ₹25,000 crore in cash markets so far this month, according to analysts. The US Treasury yields hit a 16-year high mark and crude oil prices almost touched $98 per barrel this week amid concerns over interest rates staying high for an extended period and its impact on the global economy. This has largely supported the FII selling streak since August.
As per the NSE data, FIIs cumulatively bought ₹10,058.35 crore of Indian equities, while they sold ₹11,744.05 crore — resulting in an outflow of ₹1,685.70 crore on Friday. Meanwhile, DIIs infused ₹8,788.50 crore and offloaded ₹6,037.01 crore, registering an inflow of ₹2,751.49 crore.
‘’Sustained FII selling may continue to weigh on markets. FII selling of ₹25,000 crores this month has pulled down the banking stocks making their valuations attractive. The Q2 results of the banking segment will be good and the market can respond positively to this. This is a safe bet now,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Updated: 29 Sep 2023, 10:14 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.