16-09-2023 01:45 PM | Source: Geojit Financial Services Ltd
Quote on FPI : FPIs continue to be net sellers in September Says Dr. V K Vijayakumar, Geojit Financial Services.
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Quote on FPI from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"FPIs continue to be net sellers in September. As per NSDL data, in September through 15th, FPIs sold equity for Rs 4768 crores. This figure includes bulk deals and investment through the primary market. In the cash market FII selling was Rs 9579 crores.
Since the market is at record highs and valuations are high FIIs are likely to press sales in the coming days. With high bond yields in the US (the 10-year is at 4.28%) and the dollar index above 105, FIIs are likely to sell more.
Even though the FIIs have been sellers in the cash market it didn’t impact the market at all since it was neutralised by DII buying of Rs 8309 crores through 15th September. Hyper activity by retail investors is also contributing to the bullishness in the market.
The ongoing market rally has taken the Nifty to rich valuations. At the current level, Nifty is trading at above 20 times estimated FY earnings. The valuations in the mid-and small-cap space are becoming excessive. Investors have to be cautious."
Above views are of the author and not of the website kindly read disclaimer
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