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FPI selling pulls indices down for third consecutive day
Business Standard
|October 18, 2024
At ₹71,441 cr, outflows worst ever for a calendar month
Indian equity benchmarks declined for a third consecutive session on Thursday as heavy foreign portfolio investor (FPI) selling, clouded earnings outlook, and elevated valuations continued to act as headwinds for the markets.
Bajaj Auto's warning about weak festival demand further put pressure on equities. The Sensex ended the session at 81,007, a decline of 495 points, or 0.6 per cent. The Nifty ended the day at 24,750, a drop of 221 points, or 0.9 per cent. Both indices are down 4 per cent each, with FPI selling at ₹71,441 crore month to date, including provisional outflow of ₹7,421 crore, on Thursday — the worst-ever for a calendar month. The record outflows are seen on account of FPIs rotating out of India into China.
The combined market capitalisation of BSE-listed stocks declined by ₹6 trillion to ₹457 trillion.
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