The mid-cap index fell while small-cap advanced.
For the 50-share NSE Nifty, the close came in at 10,739.35, higher by 47.05 points, or 0.44 per cent
Companies spent less money buying back their shares from the public last year than at any time since 2015. They announced buybacks of up to Rs 14,341 crore, show numbers from primary market tracker Prime Database. The total amount spent was Rs 13,597 crore. Both the amounts are lower than what was offered (Rs 39,564 crore) and spent (Rs 36,517 crore) in 2020.
The auction follows aggregate overseas investments in government debt securities yesterday reaching Rs 1,21,271 crore (Rs 1,212.71 billion), which is 97.46 per cent of total permitted limit of Rs 1,24,432 crore (Rs 1,244.32 billion).
India's weight in the emerging market portfolios of foreign institutional investors (FIIs) has risen by about 100 basis points in June to 7.96 per cent as compared to May.
Since October, FPIs have sold over $26 billion worth of stocks, which is the largest selling ever seen in India, observes Akash Prakash.
Every Rs 1-cr FII inflow has coincided with a Rs 11-cr investor wealth erosion.
A complex holding structure and unrelated businesses clubbed under one roof could have been the reasons that prompted investors to shun the stock, experts say. These are likely to impact the company's ability to raise funds, too, they add.
Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas.
The NSE Nifty too breached the 11,500-level with a jump of 145.30 points.
Weakness in the rupee against the US dollar also weighed on domestic stocks. The local unit fell 11 paise to 70.60 against the US dollar intra-day.
'In the overall global portfolio, India's weighting has come down in the past seven months.'
Even though option to invest as a company is available, many FPIs have chosen trust route to enjoy less tax or zero tax through tax havens such as the Cayman Islands and Luxembourg.
Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.
The People's Bank of China has picked up a 0.006 per cent stake in ICICI Bank by investing Rs 15 crore in the private sector lender's Rs 15,000 crore qualified institutional placement (QIP) exercise which concluded last week.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
The surge in IT, auto and FMCG stocks were led by investors seeking safety against market volatility.
'If you look at where inflation (headline and core) is today in India and where the rates are, there's clearly room to cut rates.'
In the past few years, MFs have emerged as significant institutional buyers, often offsetting the selling by FPIs.
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Rupee rebounds 26 paise against dollar; snaps 2-day losses
P-note is, however, now not a preferred route for investing in India as Sebi has made registration easier and also desirable for FPIs.
Results of some blue-chip companies exceeded expectations, providing additional thrust, traders said.
Illustration: Uttam Ghosh/Rediff.com After a brief respite at the year's start, FPIs have dumped shares worth more than $5.7 billion (Rs 42,596 crore), taking the cumulative net outflows since October to $10.5 billion (Rs 78,466 crore), and adding to the volatility on the bourses. The figure would have been a lot worse had it not been for net purchases to the tune of $5.7 billion in the primary market from October to date.
Highlights of the announcements made by Finance Minister Nirmala Sitharaman on the reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment.
Rupee is seen strengthening against the dollar.
The clarification by the National Securities Depository (NSDL) - which is tasked with monitoring foreign portfolio investor (FPI) investment in domestic stocks - that the accounts of top investors in Adani group stocks remain 'active' has helped prevent a $500-million selloff of shares. Analysts said a freeze of the FPI accounts, as reported by some media outlets, could have prompted global index providers to cut weighting of four Adani group companies from their global indices. Brian Freitas, an analyst at independent research provider Smartkarma, said if the FPI accounts were indeed frozen, FTSE and MSCI would have reduced weighting of Adani group companies at the next rebalance, since it would have meant that the large part of the free float was not tradeable.
The 50-share NSE Nifty settled lower by 94.05 points, or 0.87 per cent, at 10,666.55 after shuttling between 10,586.80 and 10,702.75.
High net worth individuals (HNIs) are considered more investment-savvy than retail investors.
