Nifty rebounded on Tuesday with the Nifty50 settling 0.34 per cent higher at 22,198.35, and the BSE Sensex adding 0.42 per cent to close at 73,095.22. The broad market indices ended marginally in the negative as foreign portfolio investors’ aggregate holding in Indian stocks fell to a decadal low by the end of January 2024, according to ICICI Securities.
Foreign portfolio investors’ aggregate holding in Indian stocks fell to a decadal low of 16.3 per cent by the end of Jan 2024, with the aggregate holdings of FPIs standing at Rs 62 lakh crore against the total aggregate market capitalisation of Indian equities at Rs 380 lakh crore. Nifty opened lower but made a gradual recovery to close with gains of 76 points at 22,198 levels.
Sector-wise, it was a mixed bag with buying seen in realty, consumer durables, auto, IT, and healthcare. Railway stocks were in momentum after the government announced rail infra projects worth around Rs 41,000 crore. Defensive sectors like IT and pharma were in momentum with key gainers in largecaps like TCS, Sun Pharma, and Cipla. Overall, the market is expected to trade in a range with a positive bias, according to experts.
“Domestic equities are consolidating in a range with every dip being bought showing strength at lower levels. Globally, investors would watch out for US and Europe consumer confidence data,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
