FIIs offload ₹3,364 crore in Indian equities as US bond yields rise to 16 year-high; DIIs are net buyers
₹2,711.48 crore in Indian stocks today. As per the NSE data, FIIs cumulatively bought ₹10,711.39 crore of Indian equities, while they sold ₹14,075.61 crore --- resulting in an outflow of ₹3,364.22 crore on Thursday. Meanwhile, DIIs infused ₹15,118.41 crore and offloaded ₹12,406.93 crore, registering an inflow of ₹2,711.48 crore.
FIIs have sold ₹21,640 crore in cash markets so far this month, according to analysts. The US Treasury yields hit a 16-year high mark and crude oil prices almost touched $98 per barrel amid concerns over interest rates staying high for an extended period and its impact on the global economy. This has largely supported the FII selling streak since August.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click Here "Even though the market is showing resilience, the undercurrent is weak. The dollar index at 106.59, the US 10-year bond yield at 4.62 per cent and Brent crude above $97 are strong headwinds that can pull the market down.
FIIs who have sold for ₹21,640 in the cash market in September, so far, are likely to sell more,'' said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. ‘’Investors have to be cautious at this stage.
Profit booking in the mid-and small-cap stocks which have shot up on hope and aggressive buying would be a good strategy. There is safety in large-caps, particularly in segments like banking/financials, capital goods and autos,'' added Dr. V K Vijayakumar.
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