FIIs hike stake in majority of Sensex firms
Most of the foreign entities trade in Indian stocks through FII (Foreign Institutional Investors) route and data show that 17 of the 30 Sensex companies witnessed an increase in their respective FII holdings during July-September quarter of the current fiscal.
Amongst the 19 Sensex firms that have disclosed their latest quarter shareholding pattern, FIIs have reduced their stake in only two companies -- Coal India and Hero MotoCorp.
The companies where FIIs raised their stake also include Infosys, HDFC, ICICI Bank, GAIL, Jindal Steel & Power, BHEL, HUL, L&T and HDFC Bank.
Market analysts believe that FIIs have adopted bullish stance on India's growth story and hiked their shareholding in blue-chip firms primarily due to various reforms initiative taken by the government.
"FIIs are betting on big corporates on account of reform measures undertaken by the government," Wellindia President (Research) Vivek Negi said.
Another market analyst Sudip Bandhopadhyay MD and CEO at Destimoney Securities said, "FIIs have not lost their charm for India and have been investing in the country throughout the calender year. I believe the trend would continue in the coming months as well."
The Sensex comprises 30 top stocks and is considered a barometer index of the Indian market. The average FII holding in these companies is about 22 per cent.
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