FPIs pull out $1 bn worth shares on single day

BL Mumbai Bureau | Updated on: Jun 17, 2022

Sensex, Nifty close marginally down but pain in deeper market as 2,250 stocks end in red on BSE; Volatility index remains over 22

The benchmark indices closed the week on a negative note, recoding a fresh year lows on Friday, as foreign portfolio investors sold shares worth $1 billion or ₹7,818 crore. This is the highest net selling figures (difference between their buying and selling) since March 7, when they pulled out ₹7,921 crore.

Market extended losses for the sixth consecutive session amid weak global cues.

The BSE Sensex closed at 51,360.42, down 135.37 points or 0.26 per cent, after recording a fresh 52-week low of 50,921.22. It recorded an intra-day high of 51,652.83. The Nifty 50 which slipped below the 15,200-mark during the day to record a new 52-week low of 15,183.40, closed at 15,293.50, down 67.10 points or 0.44 per cent.

Market was relatively stable, as domestic investors bought shares worth ₹6,087 crore.

Nifty Next 50 slumps

However, Nifty Next 50 was the worst impacted, as the index plunged 1.66 per cent, led by Bajaj Holdings, DMart, Pidilite Industries and Jubilant Foodworks.

The Nifty Midcap 50 was down 0.53 per cent while the Nifty Smallcap 50 was down 0.66 per cent. The S&P BSE Midcap was down 0.68 per cent when the S&P BSE Smallcap was down 0.88 per cent.

The volatility index softened 0.48 per cent but remained at elevated level at 22.76.

The market breadth remained in favour of the decliners with 2,252 stocks declining on the BSE against 1,076 that advanced while 93 remained unchanged. Further, 11 stocks hit the upper circuit compared to the one locked in the lower circuit. Besides, 448 stocks touched 52-week lows and 50 touched 52-week highs

Ajit Mishra, VP - Research, Religare Broking Ltd said, “Markets are largely taking cues from the global markets, in absence of any major domestic event. And, going ahead, the US Fed chairman’s speech and China’s interest rate decision would be important triggers for the markets. On the domestic front, the Covid trend and the progress of the monsoon will also be in focus,” added Mishra.

Deepak Jasani, Head of Retail Research, HDFC Securities said, “Asian stock markets were mostly lower on Friday after Wall Street fell on fears interest rate hikes will depress global economic activity. European stocks edged higher on Friday, but were set for sharp weekly losses as a slew of interest rate hikes from major central banks fuelled worries about a sharp economic slowdown. Global indices are headed for their worst week since March 2020.”

Bajaj Finserv, Bajaj Finance, Coal India, JSW Steel and Reliance were the top gainers on the Nifty 50 while Titan, Wipro, Shree Cement, HDFC Life and BPCL were the top losers.

Finance stocks hold forte

On the sectoral front, a majority of indices closed in the red.

Nifty Pharma, Nifty Consumer Durables and Nifty Oil & Gas were down over 2 per cent each. Nifty Auto closed over 1 per cent lower. Meanwhile, Nifty Bank and Nifty Private Bank were up 0.41 per cent and 0.39 per cent, respectively. Nifty Financial Services was up 0.38 per cent.

Published on June 17, 2022
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