Rs 40,000 crore in 13 days! Is the great FII reversal finally here to save Nifty bulls?
Foreign institutional investors have pumped nearly Rs 40,000 crore into Indian equities in 13 trading sessions, raising hopes of a sustained reversal after months of heavy selling. Falling crude oil prices, improving corporate earnings, attractive valuations, a weaker dollar and expectations of an LTCG tax cut are driving the renewed optimism.
Over 13 trading days since October 16, foreign institutional investors (FIIs) have pumped Rs 39,404 crore back into Indian equities, sparking a major inquiry on Wall Street: has the unprecedented FII reversal truly materialized? Following a record-breaking sell-off that drove foreign ownership of Indian stocks to catastrophic lows, the buying frenzy intensified on Thursday.
The Sensex surged 2%, or over 1,600 points, reaching 78,900, while the Nifty crossed 24,400. The rally was fueled by a 3% overnight jump in the Dow Jones Industrial Average following Democrats' victories in both US Congress chambers in the midterm elections.
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