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FPI, retail outflows may extend stock market correction
Mint Mumbai
|October 26, 2023
Indian stocks extended their decline for a fifth straight session on sustained selling by foreign and retail direct investors amid rising bond yields in the US, the Israel-Hamas war, which is now threatening to engulf other countries, and rising crude prices. Market experts expect stocks to fall further.
Benchmark indices Nifty and Sensex fell more than 0.8% each to 19,122.15 and 64,049.06 on Wednesday as foreigners offloaded shares worth a provisional ₹4,236.6 crore and continued selling by retail, offsetting the ₹3,569.36 crore worth of buying by domestic institutions. The decline in the past five sessions has eroded investor wealth by ₹14.45 trillion.
Apart from the cash market sales by foreign portfolio investors (FPIs) and retail direct investors, particularly those engaged in secondary market trading rather than systematic investment plan (SIP) investments through mutual funds, the huge selling of call options shows that investors and traders are bracing for a sharper correction.
This story is from the October 26, 2023 edition of Mint Mumbai.
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