Foreign investors buy about ₹7,284 crore of Indian shares
Provisional exchange data show foreign institutional investors bought a net ₹7,284 crore of Indian shares on 4 November, after ₹6,837 crore on 3 November. Two days of buying on this scale are unusual after a long stretch of foreign selling. Market reports linked the change to lower oil prices, a stronger rupee, mostly steady company results, and talk of possible changes to long-term capital gains tax. That last point is not a policy: the idea comes from an SBI Research report, and Finance Minister Nirmala Sitharaman has said only that she will consider investors' concerns. Indian funds sold about ₹3,712 crore on the day. Provisional figures can be revised when final data are published.
The chain of consequences
- 1Oil falls and results season is mostly steady
- 2Foreign investors return in size
- 3Second big day of net buying
- 4Rupee firms to 94.58 per dollar
Tends to gain
Large companies with high foreign ownership, such as private banks; the rupee.
Tends to lose
Little directly, though Indian funds were net sellers as some took profits.
If it reverses
If oil rebounds or US bond yields rise again, foreign investors could turn sellers, as they were for much of the year.
Other stories today
- Brent crude falls 8.7% to $94.62 after the US midterm results
- Defence shares extend their rally after GRSE's ₹32,000 crore Navy order
- IT is the only sector to fall as TCS, HCLTech and Infosys slip
- Apollo Hospitals' September-quarter profit rises 32%
- NHPC reports higher September-quarter revenue
- Coal India shares adjust for its ₹10.25 dividend
- US data stay steady ahead of Friday's jobs report
- Diwali week: Muhurat session on Sunday, markets shut on Tuesday