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On Wednesday, the Nifty 50 Index moved above 8,600, reclaiming the level the index was at before the government undertook demonetisation measures on November 8. But the trading day was marked by one more important milestone.
Foreign portfolio investors (FPIs) bought stock worth Rs 1,379 crore on a net basis in the Indian equity markets, the highest single-day inflow since September 6, 2016. September 29 also saw significant inflows, but that was on account of one-off bulk deals. The gross buy and sell numbers were also the highest since December 1, 2016.
Moreover, FPIs bought stocks on a net basis for four days in a row last week, the longest buying streak since the second week of December.
The inflows follow around Rs 30,000 crore of withdrawals since November 8, the highest among eight Asian markets tracked by Bloomberg.
Foreign investors' renewed interest in Indian equities will be tested on February 1, when the Finance Minister Arun Jaitley presents the Union Budget.
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