Global fund managers witnessed one of their largest-ever declines in assets under custody (AUC) during the ongoing correction in the Indian markets, as stocks came under pressure from foreign outflows and the weakening rupee.
The S&P BSE Sensex zoomed 500 points to end at 27,627, the highest level in almost 9 months.
'Pockets of mid and small-cap indices are showing exuberance and are discounting even FY23 valuations now.'
So far in 2017, the Nifty has gone up by 22.4 per cent.
On a net basis, foreign portfolio investors bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.
Equity flows have been under pressure since the second half of 2018, after the IL&FS crisis sent shockwaves in both equity and debt markets.
Automobile company Tata Motors, metals and mining major Vedanta, oil marketing firm Bharat Petroleum Corporation (BPCL), private sector IndusInd Bank, and two-wheeler major Bajaj Auto have witnessed their market cap slip below the Rs 1-trillion mark this year.
So far, nine companies have raised Rs 17,860 crore - nearly three times of last year's tally - by way of rights issues.
There is little sense in trying to find stocks that will not be vulnerable in a situation where 87% of the market is trending down and India is getting set for a crucial election, says Devangshu Datta.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
Nifty50 surged 145 points to close at 8,468 after hitting an intra-day high of 8,475.
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