FIIs make a stellar comeback! Turn net buyers in last 6 sessions with net inflow of ₹13,474 crore; DIIs left behind
₹10,522.36 crore of Indian equities, while they sold ₹8,932.75 crore --- resulting in an inflow of ₹1,589.61 crore on Friday. Meanwhile, DIIs invested ₹11,173.05 crore and offloaded ₹9,724.97 crore, registering an inflow of ₹1,448.08 crore. ‘’Indian equities gained for the fifth consecutive week driven by strong economic data, healthy corporate earnings and cheerful festive season.
Return of FIIs, multiple upgrades of India’s economic growth by global firms, added to the overall positivity,'' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. Analysts had said last month that the Indian market continues to exhibit resilience even in the midst of several challenges and there is a growing concern among foreign investors that if they continue to sell, they will miss out on the potential rally in the Indian market. This might restrain the FIIs from selling heavily in the coming days.
‘’FIIs are likely to turn buyers, lest they miss out on the rally in the best performing large economy in the world. Leading financials which were weighed down by FII selling will bounce back,'' said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services in November.
Firstly, the Indian economy grew 7.6 per cent during the July-September quarter for fiscal 2023-24 (Q2FY24), remaining the fastest-growing major economy in the world, according to the gross domestic product (GDP) data released by the statistics ministry. The Q2 GDP growth - supported by government spending and strong performance in manufacturing, mining, and construction sectors - was sharply above D-Street estimates as well as projections by the Reserve Bank of India (RBI). The GDP print compelled various global rating
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