September 29, 2022

Published from Mumbai, Delhi & Bhopal

Equities decline 9% from record high in mid-Oct on FII selling

New Delhi : After hitting an all-time high in mid-October, benchmark equity indices – Sensex and Nifty – tanked around 9 per cent on the back of a strong selling pressure by Foreign Institutional Investors (FIIs).

Lately, risks of another wave of Covid-19 emanating from the Omicron variant also somewhat dented the broader market sentiment among the investors.

On October 19, the Sensex had hit the record high of 62,245 points, while on Friday it closed at 57,124 points, almost a decline of 9 per cent.

Same is the case for the Nifty. It fell around 8 per cent from 17,155 points to 17,003 points.

FIIs have reportedly sold assets worth $2 billion in the Indian market during the past two-and-a-half-month period.

Besides, high valuations in the shares are another concern facing the market, analysts had said.

However, bucking the downtrend, several mid-cap stocks have outperformed the broader market and returned healthy returns to its investors.

Those stocks are Schaeffler India, Anupa Rasayam India, KPIT Technologies, Max Healthcare Institute, Birlasoft, Radico Khaitan, Escorts, Metropolis Health, Minda Industries.

Among them, shares of the Minda Industries rose the highest by nearly 60 per cent since mid-October, data showed.

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