The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 1,209 crore on September 27, while domestic institutional investors extended their buying as they bought equities worth Rs 6,886 crore on the same day
Mumbai: Indian equity indices closed in the deep red on Monday, following profit booking at a higher level.
At closing, Sensex fell 1,272 points, or 1.49 per cent, to 84,299 and Nifty fell 368 points, or 1.41 per cent, to 25,810.
The decline was led by banking stocks. Nifty Bank closed at 52,978, down 856 points or 1.59 per cent.
Due to the sharp fall, the market cap of all the listed companies listed on the Bombay Stock Exchange (BSE) fell by about Rs 4 lakh crore to Rs 474 lakh crore.
In the Sensex pack, JSW Steel, NTPC, Tata Steel, Titan, and Asian Paints were the top gainers. Reliance, Axis Bank, ICICI Bank, Nestle, Tech Mahindra, M&M, Maruti Suzuki, Bajaj Finserv, Tata Motors, SBI, Infosys, and Sun Pharma were the top losers.
The Nifty Midcap 100 index closed 227 points or 0.38 per cent lower at 60,153 and the Nifty Smallcap 100 index closed 62 points or 0.32 per cent lower at 19,179.
Among the sectoral indices, auto, IT, PSU Bank, fin service, pharma, FMCG, realty, energy, pvt bank and infra were major laggards. Only metal and media indices closed in the green.
Rupak De, Senior Technical Analyst at LKP Securities, said: “The Nifty slipped sharply following a brief pause in the previous trading session, breaking below its recent consolidation. This decline was accompanied by a significant negative divergence in the RSI (14), indicating potential further weakness.”
“Sentiment may remain weak in the near term, with support placed at 25,750. A break below 25,750 could lead to further correction. On the higher side, resistance is seen at 26,000,” De added.
The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 1,209 crore on September 27, while domestic institutional investors extended their buying as they bought equities worth Rs 6,886 crore on the same day.
However, foreign portfolio investments (FPIs) in India reached Rs 3,39,066 crore in the fiscal year 2023-24, underlining the resilience and attractiveness of the country’s financial landscape. In the current fiscal, FPIs have pumped in Rs 1,71,248 crore (year-to-date), according to the government.
As per NSDL data, foreign portfolio investors injected Rs 48,822 crore into Indian equities this month (till September 26). They have continued their inflows in the market buoyed by the recent US Fed rate cut.
India’s booming IPO market also stands as a testament to its economic strength, with multinational corporations such as Hyundai and LG now choosing to list in the country, according to a report by the Ministry of Information and Broadcasting.
The number of initial public offerings (IPOs) rose by 66 per cent in FY24, from 164 in FY23 to 272 in FY24, while the amount raised increased by 24 per cent, from Rs 54,773 crore to Rs 67,995 crore during the same period.