Morning Market Quote : The massive selling by FIIs was absorbed by DII buying Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote on Morning Market 16 January 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
A major trend in the market in 2022 was the tug of war between FIIs and DIIs. The massive selling by FIIs was absorbed by DII buying. 2023 has begun on a similar note. Last week, FIIs sold equity for Rs 9605 crores in the cash market and this was easily absorbed by DII buying of Rs Rs 10042 crores. So long as the fundamentals of the economy and corporate earnings are good, FII selling is unlikely to impact the market significantly. India’s macros are stable and early Q3 results indicate good earnings growth. Q3 results of IT majors and HDFC Bank indicate that IT and banking are on strong wicket. Some FIIs are shorting India and moving money to other markets like Taiwan, South Korea and Thailand, purely on valuation concerns. This trend is unlikely to last long. Dollar index dipping to 101.85 is positive for emerging market equity and India cannot be ignored for long.
Above views are of the author and not of the website kindly read disclaimer
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