Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Amid the uncertainty surrounding the outcome of the Lok Sabha elections and outperformance of Chinese markets, the foreign investors have pulled out a massive Rs 22,000 crore from Indian equities so far this month.
As per the data available with the depositories, Foreign Portfolio Investors (FPIs) witnessed a net outflow of Rs 22,047 crore from equities this month, till May 24.
Experts have believed that going forward, as clarity emerges on the election front, the FPIs are likely to buy in India, since they cannot afford to miss the post-election results rally.
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Notably, a net outflow of over Rs 8,700 crore was seen in the entire April on concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in US bond yields.
Earlier, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February.
On the other hand, FPIs invested Rs 2,009 crore in the debt market during the period under review.
Prior to this outflow, the foreign investors had put in Rs 13,602 crore in March, Rs 22,419 crore in February, Rs 19,836 crore in January.
This inflow was driven by the upcoming inclusion of Indian government bonds in the JP Morgan Index.
Overall, FPIs have withdrawn a net amount of Rs 19,824 crore in equities in 2024 so far, however, invested Rs 46,917 crore in debt market.
With six phases of the Lok Sabha elections now concluded, voting for 486 seats is over.
Voters exercised their franchise in the sixth phase of Lok Sabha elections held in 58 constituencies across six states and two Union territories.
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