Foreign Institutional Investors (FIIs) continued their heavy selling spree in the Indian markets, with net sales reaching ₹5,485 crore on October 18, 2024. This marks the 15th consecutive session of selling, following the ₹7,421 crore outflows on October 17, 2024. Domestic Institutional Investors (DIIs), meanwhile, stepped in with net purchases of ₹5,214 crore on October 18, offering support to the market but not enough to offset the persistent FII outflows. The net result for the day showed a net sell of ₹271 crore.
Market Performance (October 18, 2024): The Indian stock market continued to face pressure, with benchmark indices closing lower. The Sensex dropped by 494.75 points, or 0.61%, to close at 81,006.61, while the Nifty 50 declined by 221.50 points, or 0.89%, to settle at 24,749.80.
Key Market Movements:
- Nifty 50 briefly traded above 25,000, buoyed by positive global cues, but erased gains early and closed below 24,750 due to continued selling pressure.
- Auto, media, and real estate sectors were the worst performers, down 2-3%, while Information Technology was the only sector to end in the green, gaining 1%.
Top Gainers and Losers:
- Biggest Nifty Losers: Bajaj Auto, Shriram Finance, Hero MotoCorp, Nestle, and M&M.
- Biggest Nifty Gainers: Tech Mahindra, Infosys, L&T, Power Grid Corporation, and SBI.
Historical FII Outflows: The relentless FII selling in October has led to total outflows of ₹72,793 crore by October 18, 2024. This surpasses the previous record of ₹65,816 crore in March 2020, making October 2024 the highest month of FII selling on record.
Daily FII Selling Activity in October 2024:
- 1st Oct: -₹5,579 crore
- 3rd Oct: -₹15,243 crore
- 4th Oct: -₹9,897 crore
- 7th Oct: -₹8,293 crore
- 8th Oct: -₹5,730 crore
- 9th Oct: -₹4,562 crore
- 10th Oct: -₹4,927 crore
- 11th Oct: -₹4,162 crore
- 14th Oct: -₹3,732 crore
- 15th Oct: -₹1,748 crore
- 16th Oct: -₹3,435 crore
- 17th Oct: -₹7,421 crore
- 18th Oct: -₹5,485 crore
Outlook: The continued FII selling trend signals a challenging period for the Indian stock market, marked by volatility and global uncertainty. DIIs have been steadily supporting the market, but their efforts are not sufficient to counterbalance the FII outflows. Investors remain cautious amid this environment, as they closely monitor both domestic and international factors affecting market stability.
