HomeMarketsIndian MarketsFIIs continue selling spree for 8th consecutive session, sell shares worth Rs...

FIIs continue selling spree for 8th consecutive session, sell shares worth Rs 2,546 cr

Foreign institutional investors extended their selling binge in Indian markets for the eighth straight session on Monday, becoming net sellers worth Rs 2,546 crore in cash markets, according to preliminary data from exchanges. The Sensex and Nifty closed substantially in the red, owing to strong selling in response to fears over the banking sector’s instability. The Sensex fell 360 points to 57,628 while the Nifty fell 111 points to 16,988.40.

Nonetheless, FIIs have been net sellers in the cash market thus far in March. But the sales overhang in February and January remainsrket thus far in March. But the sales overhang in February and January remains. FIIs sold Indian shares worth Rs 41,460 crore in January and Rs 11,090 crore in February. Domestic institutional investor flows have been robust over time, more than offsetting massive overseas withdrawals. DIIs were net purchasers in the cash market on Monday, totaling Rs 2,876 crore, according to preliminary data from exchanges.

DIIs continued to be net purchasers of Indian stocks in January and February, scooping up shares worth more than Rs 19,000 crore in both months.

Market observers believe that the markets have reached oversold territory and that a rebound is imminent. FIIs presently control 90% of the short positions in index futures, and any positive trigger, whether global or local, might result in a short covering of the contracts. “The support for the Nifty is placed at around 16,850 – 16,800 levels and resistance is capped at 17,300 – 17,400 levels. In case the Nifty breaches below 16,800 levels then, 16,500 will be on the cards,” said Rohan Patil of SAMCO Securities.

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