BSE Sensex has fallen below the 66,000 mark on Monday as FIIS continue to press sales. BSE Sensex was down 163 B points at 65,845 points. Infosys, L&T, Indusind Bank, Wipro, TCS were down more than 1 per cent.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said sustained FII selling has been a drag on the market in recent days. In the cash market FII selling was Rs 18,260 crore, so far this month.
Since valuations remain high even after the recent pull back and US bond yields are attractive (the US 10year bond yield is around 4.46 per cent) FIIs are likely to press sales so long as this trend persists.
Even after the recent correction, Nifty is trading around 20 times FY 24 earnings, making India the most expensive market in the world.
FII selling can be an opportunity for domestic investors who don't have to worry about the dollar index and US bond yields, he added. When high quality stocks in performing sectors like banking and capital goods decline, these can be bought for handsome longterm gains.
Asian world shares mostly lower after Wall St has its worst week in 6 months: Shares in Asia were mostly lower on Monday, with Tokyo the only major regional market to advance, after Wall Street wheezed to more losses with its worst week in six months.
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