MUMBAI: Domestic institutional investors have turned buyers so far this March for the first time in six months even after equity markets started falling on concerns of rising covid-19 cases.
So far this March, DIIs have bought ₹941.89 crore, turning buyers for the first time since October 2020. DIIs last purchased equities, worth ₹1,528.31 crore, in September 2020.
Year to date, DIIs have sold nearly ₹2,6211.77 crore in equities.
Foreign investors have continued buyers since October while So far this month it bought $2.57 billion in equities. So far this year, foreign investors have purchased equities worth $7.57 billion.
Equity markets traded under pressure for the second consecutive week and lost over 1.5% after covid-19 cases started rising. On Thursday, covid cases surged over 60,000 per day for th first time in 160 days.
Subdued global cues combined with the risk of a second wave of covid-19 cases was also weighing on the sentiment.
“The selling pressure has intensified in the last couple of sessions owing to weak global cues and concerns over the second wave of covid cases” said Ajit Mishra, VP – Research, Religare Broking.
India saw a huge spike of 62,258 fresh covid-19 cases on Friday, according to government data. With active cases soaring to 452,647, India is now the sixth-worst hit country.
The death toll from the deadly infection also jumped to 161,275.
The coming week is a holiday-shortened one and Religare Broking expects volatility to remain high. Since it also marks the beginning of a new month, macroeconomic data, i.e. core sector and auto sales numbers, will remain in focus. Besides, updates related to the covid-19 situation in India and cues from global markets will also be closely tracked by the participants, Religare added.
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