The foreign portfolio investors remained net sellers of Indian equity for the second day straight on Thursday, as they offloaded shares worth Rs 3,077.59 crore, according to provisional data from the National Stock Exchange.
The net selling is higher as compared to the shares worth Rs Rs 2,540 crore they offloaded during the preceding session.
The increase in FPI selling comes amid Federal Reserve Chair Jerome Powell's comment on a possible pause in rate cuts in December. This dampened the sentiment at not only the Wall Street, but also led to the faltering of benchmark indices at the Dalal Street.
A rate cut in December is "far from" a foregone conclusion, Powell said, while briefing the press following the Federal Open Market Committee (FOMC) meeting. A pivot from Fed may also compel other major central banks to recalibrate their rate cut strategies.
Meanwhile, the domestic institutional investors stayed net buyers in the Indian market for the sixth straight session, as they mopped up stake worth Rs 2,469.34 crore.
So far in October, FPIs have bought shares worth Rs 17,163 crore and in the entire year, they have sold stocks worth Rs 1.37 lakh crore, according to the National Securities Depository Ltd.
Market Recap
The Nifty ended in the red on Thursday, closing below the 26,000 mark. The index fell as much as 0.80% during the day at 25,845.25, while the Sensex was also down 0.81% to 84,312.65.
At the close, the Sensex ended 592.67 points, or 0.70% lower at 84,404.46, while the Nifty slipped 176.05 points, or 0.68%, to 25,877.85.
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