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Foreign institutional investors stepped up selling of Indian equities on Tuesday, while domestic investors absorbed much of the selling, as the benchmark Nifty fell to a five-month low.
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Foreign institutional investors remained net sellers of Indian equities on Tuesday, offloading shares worth ₹2,977.86 crore, according to provisional data. Domestic institutional investors bought equities worth ₹2,686.05 crore.
FIIs bought shares worth ₹13,194.76 crore and sold ₹16,172.62 crore, resulting in net selling of ₹2,977.86 crore. DIIs bought equities worth ₹15,221.98 crore and sold ₹12,535.93 crore, resulting in net buying of ₹2,686.05 crore.
FII selling increased sharply from Friday, when foreign investors were net sellers of ₹930.90 crore. DIIs bought equities worth ₹1,968.17 crore on Friday.
Indian equities fell for a third straight session on Tuesday, with the Nifty closing at its lowest level in five months. The Nifty fell 280 points, or 1.2%, to 23,119, while the Sensex dropped 778 points, or 1%, to 74,004.
The sell-off was broader in the midcap segment. The Nifty Midcap index fell 1,319 points, or more than 2%, to 60,878. Market breadth remained weak, with only one stock advancing for every five that declined. Forty of the 50 Nifty stocks closed lower.
Financial stocks were among the major laggards. The Nifty Bank index fell 812 points to 55,795, while NBFC stocks including Shriram Finance and Cholamandalam Investment and Finance declined amid expectations of higher interest rates.
Defence stocks also came under heavy selling pressure, with most stocks falling more than 4%. Capital-goods stocks declined as well, with GE Vernova and CG Power falling about 6% each.
Crude-linked stocks weakened as Brent crude approached $110 a barrel, raising concerns about the impact of higher oil prices on corporate costs and the broader economy.
Solar Industries India fell 14% after announcing an acquisition, with concerns over debt weighing on the stock. PNC Infratech dropped 20% after the Highways Authority of India barred the company from participating in tenders.
IT stocks bucked the broader trend, with the Nifty IT index gaining nearly 3% as investors weighed concerns over a possible slowdown in artificial-intelligence spending.
Tata group stocks largely ended higher amid expectations of a potential listing of Tata Sons, the group's holding company. Tata Chemicals surged 20%.
The sell-off wiped out nearly ₹9 lakh crore in market capitalisation from BSE-listed companies during Tuesday's session.
Also Read: Market falls for 3rd straight day, Nifty at lowest levels in 5 months: 5 reasons behind the fall
