Foreign institutional investors (FII) offloaded shares worth net Rs 1,500.13 crore, while domestic institutional investors (DII) added shares worth net Rs 313.69 crore on October 27, 2023, according to the provisional data available on the NSE.
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“FPI selling continues unabated. FPIs were sellers in sectors like financials, power, FMCG and IT. The primary reason for the sustained selling is the sharp spike in US bond yields which took the 10-year yield to a 17-year high of 5%. The yield has now declined to 4.84%. With such high bond yields it is rational for FPIs to take out some money. The Israel-Hamas conflict in West Asia and the uncertainty surrounding the conflict has added to negative sentiments in the market. An important feature of FPI investment is the increasing inflows into the debt market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“FPI selling has impacted the financial services and IT segment more than others. The reason is that these two segments account for the major part of FPI’s AUM ( Assets Under Management). Of the total FPI AUM of around $ 652 billion financial services account for $213 billion and IT accounts for $ 64 billion. It is important to note that stock prices in these segments are weak due to FPI selling and not due to any fundamental factors,” V K Vijaykumar added.
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For the month till October 27, 2023, FIIs sold shares worth net Rs 26,598.73 crore while DIIs bought shares worth net Rs 23,437.14 crore. In the month of September, FIIs offloaded shares worth net Rs 26,692.16 crore while DIIs added equities worth a net Rs 20,312.65 crore.
“FII flows are likely to stay volatile in emerging markets, including India, due to weak global factors. Renewed uptick in US bond yields has led to risk-off sentiment amongst the investors who are deploying funds in safe haven assets. The west Asia conflict and a mixed Q2 earnings so far has made investors jittery about the near term prospects of domestic markets, leading to sell offs. Once the valuations start becoming attractive and volatility reduces, foreign inflows could make a comeback,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
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Previously on Friday, the NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80.
Foreign institutional investors (FII) or Foreign portfolio investors (FPI) are those who invest in the financial assets of a country while not being part of it. On the other hand, domestic institutional investors (DII), as the name suggests, invest in the country they’re living in. Political and economic trends impact the investment decisions of both FIIs and DIIs. Additionally, both types of investors – foreign institutional investors (FIIs) and domestic institutional investors (DIIs) – can impact the economy’s net investment flows.
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