Nifty, Sensex open flat despite DIIs buying more than FIIs selling in last six sessions

Home

Business

Nifty, Sensex Open Flat Despite DIIs Buying More Than FIIs Selling In Last Si...

Nifty, Sensex Open Flat Despite DIIs Buying More Than FIIs Selling In Last Six Sessions

by Utkalika Mohanty

NEWS HIGHLIGHTS

Selling pressure continued in Indian stock markets on Tuesday, following similar trends in Asian markets.

Mumbai, Oct 8: Selling pressure continued in Indian stock markets on Tuesday, following similar trends in Asian markets.

Nifty and Sensex showed mixed openings, with the Nifty 50 index recording a marginal gain of 36 points or 0.15 per cent, opening at 24,832.20 points, while the Sensex index opened at 80,826.56 points, registering a decline of 223.44 points or 0.28 per cent.
Experts noted that geopolitical pressure and the continued shift of foreign investment from India to China have added to the selling pressure on Indian equities.

"Market has turned weak responding to negative cues from escalating geopolitical tensions in the Middle East, massive FPI selling and concerns surrounding the election results due today. The most important trigger which pulled the Nifty 5.6 per cent down from the peak has been the sustained big FPI selling during the last six trading days" said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In the sectoral indices, Nifty Private Bank led the gains with a surge of 0.55 per cent at the opening session, and Nifty Bank also rose by 0.5 per cent, while Nifty FMCG, Nifty Media, and Nifty Metal faced selling pressure.

Among the Nifty 50 stocks, 20 opened in advance, 26 declined, and 4 remained unchanged.

Foreign Portfolio Investors (FPIs) have sold equities worth Rs 50,011 crores during the last six trading sessions, which has been more than offset by Domestic Institutional Investors (DII) buying Rs 53,203 crores. Despite this, the market has corrected by 5.6 per cent due to weak sentiments.

Experts also noted that there are enough indicators to suggest that FPIs have been following a 'Sell India, Buy China' strategy. Elevated valuations in India and cheaper valuations for Chinese stocks have triggered this shift in FPI strategy.

"The Nifty index on Monday closed at the crucial support level of 24,800, with momentum indicators in the oversold territory, which may trigger a temporary bounce. However, a weekly close below 24,800 could lead to further declines, potentially down to 24,000" said Varun Aggarwal, MD, Profit Idea.

Other Asian markets also faced high selling pressure on Tuesday, with Hong Kong's Hang Seng index down by more than 7.5 per cent at the time of this report. Japan's Nikkei index was down by 1.21 per cent, while Taiwan's weighted index dropped by 0.76 per cent.

(ANI)

Read Business News

Lotus Rule In Haryana! ECI Shows BJP Bags 20 Seats, Leading In 30 Others

by Shambhu Datta Mishra

Bhubaneswar, Oct 8: The Bharatiya Janata Party is inching closer to form Government in Haryana with full majority.

The latest update by Election Commission of India (ECI) shows that the Saffron Party has already won 25 seats, while leading in 25 other constituencies.

In total, the trends show 50 seats to BJP, while Congress is likely to get a total of 35 seats in the Haryana Assembly polls.

Congress has already won 19 seats and its candidates are leading in 16 constituencies.

Among others, Indian National Lok Dal (INLD) is leading in two seats, while independent candidates have claimed two seats and leading in one.

If the results remain as it is now after counting of votes, then Haryana will see BJP form Government with full majority and this will be the Saffron Party's third term.

read more National News

BJP’s Historic Victory In Haryana: A Blow To Rahul Gandhi’s ‘Caste Politics’

by Hemanta Pande

New Delhi, Oct 8: Defying all exit poll predictions, the ruling Bharatiya Janata Party (BJP) is poised to secure a historic third term in Haryana, as the Assembly election results present a clear picture. The claims made by Congress MP Rahul Gandhi about his party storming back to power in the state are far from reality, as the party has fallen well short of the majority mark.

The Assembly poll results in Haryana have brought to the fore several key takeaways, with a major message being the setback for caste politics and the caste census agenda that the Leader of the Opposition in Lok Sabha, Rahul Gandhi, kept highlighting repeatedly during his campaign.

While the Gandhi scion spoke of a "tsunami" of support for the Congress in the state, it seems he relied on the assumption that reiterating caste issues would help woo Dalit voters in large numbers. However, the outcome has come as a big blow to Rahul Gandhi’s caste politics.

By repeatedly raking up the caste census priority in the party’s manifesto and speeches, Congress leaders including Rahul Gandhi aimed to attract Dalits, who comprise about 21 per cent of Haryana's population.

During the campaign for the October 5 Assembly elections in Haryana, Congress MP Rahul Gandhi promised to carry out a caste survey in a bid to win over the Other Backward Classes (OBCs) in the state.

The grand old party pledged to implement this caste census if elected to power, making it a central theme in Gandhi's speeches at his rallies. He has been consistently advocating for a nationwide caste census during the Lok Sabha election campaign.

Dalits in Haryana are categorised into several sub-castes. The Jatavs represent the largest group, accounting for nearly 50 per cent of the total Scheduled Caste (SC) population. The second is the Valmiki community, which comprises about 25-30 per cent of the SC population, while the third Dhanaks, primarily urban residents, make up just over 10 per cent.

Eyeing the voters from these communities, Congress had fielded 17 Dalit candidates, all in SC reserved seats out of the state’s 90 assembly seats. This included 12 tickets for Jatav candidates, two for Valmikis, and three for other groups, signalling the party's strategy to consolidate the specific sub-caste voter base.

Observers are of the view that the assumption that Dalits would naturally gravitate towards the Congress is uncertain, as evidenced in the recent Lok Sabha polls. Despite Rahul Gandhi highlighting the caste census as a key agenda during the Haryana assembly elections, the results lend credence to the fact that voters were not swayed by this agenda.

The Congress party's defeat is, therefore, seen as a significant setback for its broader efforts at caste-based mobilisation, which will definitely impact the discourse around the caste census issue, according to poll watchers. (IANS)

Nifty, Sensex open flat despite DIIs buying more than FIIs selling in last six sessions

Download Mobile App