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Unabated FII offloading spooks stock markets

Heavy selling in IT, financial and oil shares amid mixed global trends and ahead of F&O Jan series expiry; Heavy selling in Adani stocks; Investors’ wealth tumbles by Rs3.90 lakh cr as mcap fell to Rs276.49 lakh cr on BSE

Unabated FII offloading spooks stock markets
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Mumbai: Benchmark indices, Sensex and Nifty, tanked more than one per cent on Wednesday due to heavy selling pressure in banking and financial shares amid unabated foreign capital outflows.

The 30-share BSE barometer plunged by 773.69 points or 1.27 per cent to 60,205.06 as 22 of its scrips declined while eight advanced. The index opened lower and later fell nearly 900 points during the day to touch a low of 60,081.36 as investors closed their positions on the last day of derivatives expiry. The broader Nifty of the National Stock Exchange declined sharply by 226.35 points or 1.25 per cent to close below the 18,000 level at 17,891.95. As many as 35 of its scrips ended in the red and 15 gained.

"Indian equities witnessed a significant sell-off as the market appeared apprehensive ahead of the upcoming Union Budget and Fed meeting next week. Sentiments were dampened by persistent FII selling, where funds are being shifted to other EMs as a result of attractive valuations. Furthermore, a weak economic growth outlook that stoked recession fears pulled down global markets," Vinod Nair, Head (Research), Geojit Financial Services.

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