FIIs were net sellers of equity shares worth Rs 469.50 crore, while the domestic institutional investors (DIIs) purchased shares worth Rs 766.95 crore on Wednesday, provisional data from the exchanges showed.
The benchmark indices nosedived on Thursday, taking cues from global peers as US inflation data hit a 30-year high on Wednesday, and amid volatility due to the weekly expiry of F&O contracts. The Sensex slipped below 60,000, closing at 59,919.69, down 433.13 points. The Nifty gave up 18,000 levels, closing 143.60 points lower at 17,873.60.
Sustained selling from foreign institutional investors (FIIs) amid expectations of a hike in interest rates also kept the markets in check. FIIs were net sellers of equity shares worth Rs 469.50 crore, while the domestic institutional investors (DIIs) purchased shares worth Rs 766.95 crore on Wednesday, provisional data from the exchanges showed.
“We have seen outflows from foreign investors in the last couple of weeks in the Indian equity markets. Expectations of an earlier-than-expected hike in the interest rates, US inflation data at a 30-year high, and China’s real estate crisis raised concerns among investors,” Narendra Solanki, head – equity research (fundamental), Anand Rathi Shares & Stock Brokers, told FE.
Only 6 out of 30 stocks in the Sensex ended in the green on Thursday. SBI was the top index loser, down 2.8%, followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance, and Asian Paints. On the flip side, shares of Titan Company rose 1.6% in the intra-day session, while M&M, Reliance Industries, and TCS were other gainers.
Sector-wise, Nifty Realty was the top loser, shedding 2.3%, whereas Nifty Auto, Nifty Metal, and Nifty PSU Bank ended lower by 1% each. The Nifty Metal index was the only sector ending in the green in an otherwise volatile session.
The BSE mid-cap and BSE small-cap indices ended 0.6% and 0.5% lower, respectively. Balkrishna Industries (-5.4%) and Union Bank (-4.9%) were the top drags in the mid-cap index on Thursday. The overall market breadth remained negative as 1,859 stocks declined in the day’s trade and 1,432 stocks advanced on the BSE.
Elsewhere in Asia, markets were trading mostly higher, Hong Kong’s Hang Seng and China’s Shanghai Composite rose above 1% each on Thursday, and Japan’s Nikkei 225 closed higher by 0.5%.