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shares in Axis Bank.
Data shows DIIs net bought R1,250 crore of Indian shares during the week. In contrast, foreign institutional investors (FIIs) have net sold around $380 million of Indian equities during the same period. For the month of August, DIIs have bought nearly R 6,200 core of Indian equities vis-a-vis net selling worth $900 million by their foreign counterpart.
“On the domestic front, insurance companies, particularly LIC, have been aggressive buyers in the market,” said Gaurav Bhandari, MD, institutional equities, Centrum Broking. On the losing side, 10 out of 13 sectoral indices ended in the red. Sectors like realty, banks, consumer durables, oil & gas, power and metal indices ended down 0.5-5% this week.
Some of the prominent losers included ONGC (-9.8%), Jindal Steel & Power (-7.7%), Coal India (-7.1%), Mahindra & Mahindra (-4.1%), Maruti Suzuki (-4%), GAIL (-3.3%), Bharti Airtel (-3.3%), Tata Power (-2.9%) and Larsen & Toubro (-2.2%), among others.
Despite the recovery, experts feel the markets are likely to remain weak and volatile in the near term due to prevailing concerns around economic growth and a weak currency, in addition to geopolitical tensions in West Asia that could disrupt oil supplies.