Life Insurance Corp, one of the most active institutional investors, is believed to have pumped in Rs 99 crore to purchase shares of 6-7 bluechip firms, while mutual funds also turned heavy buyers with a net purchase of shares worth Rs 459 crore and debt securities worth Rs 1,215 crore during the day.
Singh said that the earnings season so far has been better-than-expected with positive surprises outnumbering negative ones. However, he cautioned that earnings upgrades were unlikely for the next six months.
Early on, nobody was expecting much from the budget but the revised low estimates of the GDP published recently along with the fiscal deficit targets have sparked speculation that the Finance Minister will be forced to convert from an election oriented budget to a growth focused one.
Housing finance major HDFC Ltd is witnessing a sharp rally in the price of its convertible warrants, as HNIs and institutional investors are rushing to buy them to benefit from the price differential with the company's stock.
Market participants attribute the continuing slide mainly to selling by foreign portfolio investors, who are now eyeing other more attractively valued markets.