Foreign Institutional Investors ended their 10 session long buying momentum in the Indian markets on Monday, leading to a sharp decline in the Indian markets, mainly dragged by IT stocks like Infosys. FIIs on Monday sold shares worth Rs 533 crore in the cash markets, provisional data from exchanges showed. The Sensex, however, managed to recover a large part of its losses and ended the session lower by 520 points at 59,910. The Nifty ended at 17,706, down 121 points on Monday.
Flows from DIIs turned positive as they sold bought shares worth Rs 269 crore, provisional data from exchanges showed. Flows from foreign institutional investors so far in April largely remain positive as they are net buyers of Indian equities worth Rs 4,426 crore. On the other hand, DIIs so far in this month have sold shares worth Rs 2,414 crore.
“Domestic equities snapped their nine-day gains triggered by profit booking. However, markets recovered from the bottom during the day, thus, showing inherent strength. Further, India’s WPI inflation declining to a 29-month low of 1.34% in March provided support to the market. In the near term, we expect market to take cues from global events including China’s GDP, US corporate earnings as well as UK and Japan inflation data. Consumer Durable stocks are likely to remain in limelight on the back of rising heat temperatures in many parts of India,” said Deepak Jasani of HDFC Securities.
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