Holiday season likely to cool pace of FPI sales in December
“While we could see some foreign selling in the next one week or so, the extreme selling should fizzle out as global investors typically have light positions in December,” said Abhilash Pagaria, head of alternative and quantitative research at Nuvama.
In November, overseas investors provisionally sold Rs 25,995 crore after the record selling of Rs 1.04 lakh crore in October. The Sensex and Nifty have dropped 6.7% and 7.8%, respectively, since September 27 — when the sell-off started triggered by a rebound in Chinese equities. The market decline deepened after Indian companies’ September quarter results disappointed investors, raising questions whether domestic stocks deserved premium valua tions compared to the region’s peers, especially when profitability is slowing.
“Another major trigger for outflows now is the strengthening US dollar and a new president-elect in the US has also led to a brief phase of risk-on there,” said Sriram Velayudhan, senior vice president, IIFL Securities.
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