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Bear shadow of FIIs puts Street on edge
Hindustan Times
|November 08, 2024
The rally proved short-lived. A day after India's stock markets shot up more than 1% following Donald Trump's victory in the US elections, adding ₹7.75 trillion to investor wealth, the benchmark indices were back on their downward slide.
Sustained selling by foreign institutional investors (FIIs) in cash and derivatives markets turned the market turbulent. Both benchmark indices fell more than 1%, erasing much of the wealth gained a day earlier. The NSE Nifty tumbled 1.16% to 24,199.35 and the BSE Sensex fell 1.04% to 79,541.79. The rupee hit a new low as well.
To be sure, FIIs had also sold shares on the day of the US election results as well—worth ₹3,713.67 crore, according to NSDL data—but that was offset by purchases of ₹4,889.33 crore by domestic institutional investors (DIIs).
On Thursday, FIIs sold shares worth a provisional ₹4,888.77 crore, as per BSE data. The indices took a beating as DII purchases totalled just a provisional ₹1,786.7 crore.
This story is from the November 08, 2024 edition of Hindustan Times.
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