Did promoter stake sales suck out Rs 40,000 cr from the market? Pankaj Pandey answers

economictimes.indiatimes.com:

Pankaj Pandey, Head Research, ICICIdirect.com, says there are SIP inflows of nearly Rs 19,000 odd crore on a monthly basis. On top of it, there are about Rs 3,000 to 4,000 odd crore of inflows from the ETF perspective. Overall, the domestic liquidity is still quite good and that is where even if there is a bit of a selling there, that is not going to change the market trajectory overall. FPI inflows come and go and which is what we have seen last year also.
We had some interesting data that we were culling out talking about the kind of promoter stakes sales that we have witnessed in the last month or so of Rs 43,000 crore. How are you reading into this? MNCs as well as ITC, IndiGo, TCS, etc, are in that list?
Pankaj Pandey: From FPI perspective, we have seen inflows of about Rs 40,000 odd crore. But our sense is that most are stock specific cases. For example, in IndiGo, one promoter has been continuously paring down his stake. Whereas in the case of ITC, nothing changes structurally because of the high amount of debt and so a stake sale does not really change the overall texture of the company's growth.

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TCS largely is coming from the perspective that while it will have some impact on Tata Chemicals because that is one stock which was going up largely because of the stake