FPIs selling did not impact Indian stock market much as DIIs come to the rescue

Mumbai (Uttam Hindu News) : Despite significant selling by Foreign Portfolio Investors (FPIs), amounting to Rs 58,710 crore as of October 11, the Indian stock market has remained largely unaffected, thanks to the strong buying support from Domestic Institutional Investors (DIIs). Market experts believe that DIIs have absorbed the FPI outflows, fueled by consistent fund inflows, and this trend of FPI selling and DII buying is expected to continue in the near term. FPIs have been shifting investments towards cheaper Chinese stocks, though analysts emphasize that India's stronger growth prospects justify its premium valuations compared to China.

Sector-wise, the Indian stock market displayed mixed performance, with notable buying interest in pharma, metals, and IT. The result season kicked off with IT major TCS posting numbers in line with expectations, while all eyes are now on Infosys' upcoming earnings report, which will provide crucial insights into revenue growth guidance. Other major companies like HDFC Life, Axis Bank, Wipro, and LTIMindtree are also set to release their earnings soon. Analysts expect markets to remain consolidated at higher levels, taking cues from both global factors and the ongoing result season.

In other news, India mourned the loss of Ratan Tata, an iconic business leader, who passed away at the age of 86. Under his leadership, the Tata Group underwent a remarkable transformation, with profits increasing 51 times and market capitalization surging 33 times, reaching over Rs 33,17,385 crore.