Non-stop selling! FII exodus crosses Rs 20,000 crore in first week of November
Foreign institutional investors (FIIs), who had sold Indian stocks worth about Rs 94,017 crore last month, continued to hit the sell button in November where the outflow was around Rs 23,398 crore in the first six trading sessions of the month.
Till Thursday, FIIs were net sellers to the tune of Rs 19,994 crore, according to NSDL data. Friday's session saw foreigners offloading another Rs 3,404 crore.
What started of as 'Buy China, Sell India' trade for FIIs, who were impressed by Chinese stimulus measures, got accelerated after sluggish Q2 earnings failed to support expensive valuations on Dalal Street.
«The FII selling trend is likely to continue in the near term till data indicates the possibility of a trend reversal. If the Q3 results and leading indicators reflect a recovery in earnings, the scenario can change with FIIs reducing selling and even turning buyers,» said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Jefferies has cut FY25 earnings estimates for 63% of the 121 companies under coverage, which have reported 2QFY25 earnings results so far — the highest downgrade ratio since early 2020.
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