FPIs Extend Selling Spree In Indian Stocks For Fifth Day, Pressing Rupee
Foreign portfolio investors net sold stocks worth Rs 3,207 crore, according to provisional data from the National Stock Exchange.
Overseas institutions remained sellers of Indian equities for a fifth consecutive session on Wednesday, piling pressure on the rupee.
Foreign portfolio investors net sold stocks worth Rs 3,207 crore, according to provisional data from the National Stock Exchange. They offloaded stocks worth Rs 3,642 crore in the previous session.
FPIs have pulled out Rs 1.52 lakh crore so far this year, as per data from the National Securities Depository Ltd. November saw a net outflow of Rs 3,765 crore.
The exodus of foreign capital, coupled with uncertainty around the US-India trade deal, pulled the rupee below 90 against the US dollar for the first time earlier on Wednesday.
The local currency has depreciated by around 4.4% so far this year, the worst among Asian peers.
Dalal Street got relief from domestic institutions that mopped up shares worth Rs 4,730 crore, extending their buying streak for the 29th straight session. Last month, DII inflow stood at Rs 78,000 crore.
India's benchmark indices continued profit booking at higher levels, with the Nifty ending 46 points, or 0.2%, lower at 25,986, and the Sensex down by 32 points at 85,106.81. Broader market sentiment was distinctly weaker, with mid- and small-cap indices falling close to 1%.
Among sectors, the IT index was the top gainer, rallying 0.7%, supported by currency tailwinds and stable earnings visibility. The PSU Bank index lost the most, shedding over 3%, with Indian Bank, Punjab National Bank, Canara Bank and Bank of Baroda sliding 3–6% during the session.
