- Foreign portfolio investors sold shares worth Rs 2,812 crore despite the declared ceasefire
- Domestic institutional investors bought shares worth Rs 4,168 crore for the 28th consecutive day
- UAE air defense intercepted missile and drone attacks originating from Iran amid ongoing strikes
Foreign portfolio investors stayed net sellers for the 26th day and offloaded stake worth Rs 2,812 crore even after the ceasefire was declared. On the other hand, domestic institutional investors stayed net buyers for the 28th day as they bought shares worth Rs 4,168 crore.
However, reports of strikes on both ends have emerged even after the ceasefire was declared, with Iran earlier claiming that its Lavan refinery was attacked.
UAE's ministry of defense confirmed that its systems currently engaging with missile and drone attacks originating from Iran.
"The Ministry of Defense confirms that the sounds heard in various parts of the country are the result of the UAE air defense systems intercepting ballistic missiles, cruise missiles, and drones," it highlighted in a post on X.
So far this week FPIs have offloaded equity worth Rs 19,671 crore and domestic institutional investors bought stake worth Rs 20,237 crore. Last week, FPIs offloaded total stake worth Rs 29,425 crore, while the DIIs bought stake worth Rs 29,275 crore. The spike in FPI selling came as the tensions in Middle East rose amid Iran war.
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The FPIs have sold shares worth Rs 35,962 crore in January, according to data on the NSDL. On the other hand, FPIs in February have bought stake worth Rs 22,615 crore, aided by improving risk sentiment in the geoeconomic space.
With the current crisis in perspective the FPIs turned net sellers again in March. In the last month they sold equity worth Rs 1.18 lakh crore posting a month with the highest ever selling. In April so far they have offloaded stake worth Rs 44,753 crore.
Stock Market Recap
Indian equity benchmarks posted their best closing in nearly a year on Wednesday as a temporary ceasefire between the United States and Iran eased market anxiety. The Reserve Bank of India's decision to keep repo rates steady pulled up bank, auto and realty stocks.
The Nifty 50 settled 873.7 points or 3.78% higher at 23,997.35. The BSE Sensex added over 2,900 points (3.95%) to close at 77,562.9. HDFC Bank, ICICI Bank and Larsen & Toubro were the top points contributors to the Nifty.
The broader markets matched the performance of the blue-chip gauges. The Nifty Smallcap 250 and Nifty Midcap 150 settled nearly 4% higher. On the BSE, over 3,700 stocks ended higher and 534 declined.
Among sectors, the Nifty Realty, Nifty Auto and Nifty Bank were the top gainers on the NSE.
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