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FPIs are net sellers to the tune of 19,308 crore this month, as per NSDL. A recent rise in US bond yields amid dashed hopes of US Fed rate cuts and disappointing quarterly numbers from India Inc are seen as key triggers behind the FPI selling.
Growing concerns over slower-than-expected margin recovery, amid weak deposit growth have caught HDFC Bank's investors off guard. HDFC Bank's stock on Wednesday plunged nearly 9 per cent to hit an intraday low of Rs 1,527 on the BSE after reporting weaker-than-expected earnings in the third quarter (October - December) of the current financial year (Q3FY24). The shares of India's biggest private lender closed at Rs 1,536.9, down 8.46 per cent.
Following the December quarter results, Axis Bank shares plunged 6.24 per cent to hit a low of Rs 1,020.85 on BSE. With this, the year-to-date return for the banking stock has turned negative.
Some volatility was seen during the day as monthly and weekly futures and options (F&O) contracts for Nifty were set to expire today. Quarterly earnings showdown of key companies also helped set the mood of the market.
FIIs continue to be sellers in the market this week."We expect the domestic and FPI volumes to remain tepid during truncated week, as most long only investors to stay defensive and wait for clear trading trends to emerge in the last week ...