10-08-2024 03:52 PM | Source: Geojit Financial Services Ltd
Quote on FPI by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
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Below the Quote on FPI by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"Globally stock markets witnessed a sharp correction for the week ended 9th August. The correction was triggered by the unwinding of the yen carry trade and recession fears in the US. FIIs resorted to big selling in the cash market. The selling in the cash market amounted to Rs 19544 crores in the first 4 days on the week. But on Friday when the market stabilised FIIs tuned buyers, though for a limited amount of Rs 406 crores.
For the fortnight ending 31st July, FIIs were sustained sellers in financial services. This partly explains the weakness in financial services segment in the market now. FIIs, during this period, were buyers in IT, autos, capital goods and metals.
Going forward, if the market continues to rise, FIIs are likely to press more sales since Indian stock valuations continue to remain elevated, particularly in relation to valuations in other markets."
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