The ongoing sell-off by Foreign Portfolio Investors (FPIs) of Indian equities extended into its twelfth day, as per National Stock Exchange (NSE) data. The FPIs offloaded equities worth Rs 1,712.3 crore ($230 million), continuing the bearish trend that has been affecting the Indian stock market.
In stark contrast, Domestic Institutional Investors (DIIs) sustained their buying spree, amassing equities worth Rs 1,512.1 crore ($203 million). Despite the consistent sell-off by FPIs, foreign institutions have upheld a net buying position for 2023, with total purchases tallying to Rs 91,628 crore ($12.3 billion) up to the previous trading day, according to the National Securities Depository Ltd.'s data.
The impact of this sell-off was reflected in the stock market indices with the S&P BSE Sensex and NSE Nifty 50 closing at 64,832.20 and 19,443.59 respectively. This indicates a cautious sentiment among foreign investors towards Indian equities despite their net buying position.
The continued sell-off by FPIs and simultaneous buying by DIIs paints a mixed picture for the Indian equity market. While domestic institutional buying provides some support, the sustained offloading by foreign portfolio investors adds pressure on Indian equities.
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