Markets fall amid sharp volatility
₹1.71 trillion and ₹1.85 trillion last year, clients sold shares worth ₹72,921 crore. “The volatility could persist in the new year as the market has run up very sharply in December, and seasonally January tends to be weak," said Rohit Srivastava, founder, IndiaCharts. Key indices were largely dragged down by financials, auto and information technology stocks, as selling pressure emerged at near record high levels.
“A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future," said Rupak De, senior technical analyst at LKP Securities. The “sentiment is expected to stay bearish as long as it remains below 21,750. Any upward movement toward 21,750 could encounter selling pressure," he added.
“However, a clear breakout above 21,750 could shift sentiment in favour of the bulls. Support is established at 21,500 on the lower end." While individual investors have been net sellers of equities in the current fiscal year, FPIs and domestic institutional investors have been actively buying. FPIs’ net purchases at ₹66,135 crore in December were a record high for any month, as per the National Securities Depository Ltd, while DIIs bought net ₹12,942 crore worth of shares during the month, as per exchange data.
BSE and NSE data show clients sold shares worth ₹14,633 crore in December. On an annual basis, while FPIs purchased a record ₹1.71 trillion worth of shares in calendar 2023 and DIIs bought ₹1.85 trillion, clients sold ₹72,921 crore worth of shares in the secondary market. Even cash market activity on BSE and NSE shows that while institutions have been bullish, clients or retail and wealthy investors booked profits in the calendar 2023, a year in which the Nifty jumped 20% to
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