FIIs correct November mistake with $3 billion shopping. Is Santa already here?
foreign institutional investors (FIIs) are taking reverse steps to buy back more than what they sold last month.
As against the $2.5 billion sell-off seen in November, FIIs have already bought Indian stocks worth around $3 billion in the first 10 days of the December month. As a result, the Nifty is already up around 2% this month with bulls betting that the momentum could turn into a strong Santa rally and take the market to new record peaks in the next few weeks before the Budget.
Nifty is only 6% away from its record peak touched in September-end while Nifty Smallcap 100 and Nifty Microcap 250 have already touched new highs to signal that the market is back in a risk-on mode.
Suggesting an upside potential of about 14% in the next one year, Morgan Stanley has already given a target of 93,000 in its base case scenario for Sensex.
«With strong earnings, macro stability and domestic flows, it is hard to argue against India's investment case. That said, potential global growth risks plus a bunching up of IPOs and near-term growth concerns present challenges,» said Morgan Stanley's Ridham Desai.
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