Overseas investors stayed net sellers of Indian equities for the sixth straight day on Monday, while domestic institutional investors record the highest single-day buying so far in 2024.
Foreign portfolio investors offloaded stocks worth Rs 8,293.41 crore, according to provisional data from the National Stock Exchange. This is the eighth highest single-day sales by the FPIs so far this year.
In the last five sessions, the FPIs have offloaded Rs 48,804.91 crore, while the domestic institutional investors have bought shares worth Rs 46,319.51 crore.
In October, including Monday sales, FPIs offloaded stocks worth Rs 39,012.98 crore, whereas domestic institutional investors mopped up stocks worth Rs 39,673.71 crore. In September, FPIs sold stocks valued at Rs 15,423.35 crore, while DIIs purchased stocks valued at Rs 31,860.26 crore.
Foreign institutions have been net buyers of Rs 63,823 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The highest selling by the FPIs happened on Oct. 3, when the FPIs offloaded equities worth Rs 15,243.27 crore, while the DIIs recorded peak buying as the NSE Nifty 50, and BSE Sensex saw a steep fall following the Securities and Exchange Board of India's curbs on futures trading and geopolitical tension in the Middle East.
"Optimism from a stronger-than-expected US jobs report initially gave domestic equities a boost. However, the outflow of Rs 30,700 crore by foreign institutional investors in just three days of October, along with rising crude oil prices, has negatively impacted overall sentiments. We expect the market to remain under pressure in the near term until FII selling subsides. This week’s focus will be on the RBI policy outcome and the beginning of the second quarter earnings season of the current fiscal," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
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