The likes of Bajaj Holdings & Investment, Shriram Finance, and Deepak Nitrite led the pack in terms of market capitalisation
Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) investment limit under Portfolio Investment Scheme (PIS) in Fortis Healthcare has increased from 24 per cent to 74 per cent of its paid up capital.
The other theme besides financials that FII investors are excited about is Insurance and with two large private insurance companies getting listed there is an option to play them, says Rajat Rajgarhia, MD & CEO, Motilal Oswal.
Nifty is stuck in 8350-8450 range, so one should expect more consolidation. Going forward, Nifty will break out of 8450 but it needs a trigger, says Ashwani Gujral.
Hiren Ved, Director & CIO, Alchemy Capital Management says demonetisation has pushed the growth recovery by a couple of quarters and it is likely to pick up only in second half of CY17.
Shirish Rane, Head of Research, IDFC Securities speaking about the impact of demonetisation by the government said demand, particularly that created by unaccounted money, is sure to be impacted.
Navneet Munot, CIO, SBI Mutual Fund says it's yet early days but India could be an ‘oasis of hope‘ among emerging markets (EMs) because on a relative basis the macro fundamentals look good along with optimism of domestic investors which has been supporting India market.
RBI said total foreign investment from all sources in the bank shall not exceed 62 per cent of the paid-up capital.
Mehraboon Irani of Nirmal Bang Securities thinks the correction could be due to selling by foreign institutional investors (FIIs). He does not think we are likely to see a deep correction.
So far, India has been beneficiary of the FII inflows into emerging markets and the moment they show signs of drying up, our market falters, says Ajay Bagga.
From a global perspective, Jan Dehn, Head-Research, Ashmore Investment Management thinks the deeply entrenched negative sentiment about the US economy is driving sentiment at the moment
According to Jigar Shah, CEO, Kim Eng Securities global factors, selling by foreign institutional investors (FIIs), and the fact that Indian economy and corporate earnings have not improved significantly are still weighing on the market.
|On a backdrop where there is continued selling from the foreign institutional investors (FIIs), it is unlikely to see a meaningful recovery, unless Budget delivers, says Gaurang Shah, VP, Geojit BNP Paribas Financial Services.
The investment via this route has been declining in the three months (June-August)after touching a seven-year high of Rs 2.85 lakh crore in May. This was the highest investment since February 2008, when the cumulative value stood at Rs 3.23 lakh crore.
In an interview to CNBC-TV18‘s Shereen Bhan and Menaka Doshi, AP Shah explained the details of the report that was accepted by the government.
According to Siddarth Bhamre of Angel Broking Nifty could find resistance around 8250-8300. There is no need to go short in the market but if one is expecting a rally would be disappointed, he adds.
With USD 70-80 billion net long rupee positions having built over the last few months, it makes a strong case for volatility and vulnerability, feels Ananth Narayan of Standard Chartered Bank.
Finance minister Arun Jaitley met nearly 50 foreign portfolio investors (FPIs) over the Holi weekend in Mumbai, his first meeting post Budget. According to sources, many FPIs raised issues around the rules for permanent establishment.
R Venkatraman, MD, IIFL believes that weak earnings were already factored in by the market and expects 2015 also to be a good year as 2014 but says one should not expect 30-40 percent returns.
According to the data released by the Securities and Exchange Board of India (Sebi), the total value of P-Note investments in Indian markets (equity, debt and derivatives) dropped to Rs 2,49,210 crore last month from Rs 2,65,675 crore (USD 43 billion) in October.
Foreign institutional investors would be watching the Budget far more keenly than domestic investors and in case the Budget delivers on expected lines, then there could get the big delta in direction of 9500 for the Nifty, says Rahul Arora of Nirmal Bang.
Dipan Mehta from the midcap space is upbeat on the financials like Bajaj Finance, SKS Microfinance. He is also bullish on some of the FMCG names like Emami, Jyothy Laboratories.
"As far India is concerned whatever selling you are seeing on Foreign Institutional Investors (FIIs) counter was largely driven because of liquidation of Exchange Traded Fund (ETF) positions," says Raj Bhatt, Chairman & CEO of Elara Capital.
FPI Placed At Par With FIIs For IT Purposes
As per the current foreign direct investment (FDI) policy, up to 26 % FDI is allowed in defence production through the FIPB route, and above 26%, the cabinet committee on security will take a call on a case to case basis.