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FIIs offload Indian shares worth Rs 890 crore, turn net sellers in March

Foreign institutional investors continued to sell Indian shares for a third consecutive day after making minor purchases on March 22. Today, FIIs were net sellers in the cash markets to the tune of Rs 890 crore, according to provisional data from exchanges. Monday’s gains on the Sensex and Nifty were fueled by buying in heavyweights Reliance Industries and ITC. Today, the Sensex closed at 57,653, up 126 points, while the Nifty closed at 16,985, up 40 points. The Nifty Bank closed today at 39,431—an increase of 35 points.

FIIs have been net sellers on the cash markets to the tune of Rs 1,136 crore so far in March. According to provisional data from exchanges, DIIs were net buyers in the cash market to the tune of Rs 1,808 crore on Monday. DIIs have been net purchasers of Indian stocks so far this month, accumulating shares worth over Rs 27,000 crore.

Market watchers say that unless something good happens, the markets will stay in the same range. The next earnings season will nonetheless revive market activity, according to market participants. “The concerns remain with regards to global banking crisis which would keep the markets on edge. This week investors would watch out for US & UK GDP data which could provide some cues with regards to Fed’s future course of action with regards to rate pause.,” said Siddhartha Khemka of Motilal Oswal Financial Services.

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