Sustained Buying By Domestic Funds Eclipsed FII Selling

(MENAFN- IANS) New Delhi, Feb 26 (IANS) Sustained buying by DIIs at Rs 21700 crore in February so far supported by HNIs and retail investors has completely eclipsed the FII selling, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

FIIs have lost in this tug of war with DIIs since the market has been scaling new highs despite FII selling, he said.

The global market construct continues to be favourable. With S&P 500 setting newer records, the mother market US has turned very resilient, he said.

Japanese Nikkei at record highs is another pillar of support for global markets.

Even though high valuation in India is a matter of concern, it is unlikely to impact the market much in the near-term. Cheap valuation in China is not attracting foreign investors, he said.

Deepak Jasani, Head of Retail Research, HDFC Securities, said Asian shares were mixed near seven-month highs on Monday as investors awaited inflation data from the United States, Japan, and Europe that will help refine expectations for future rate moves. Events to watch out for this week include the monthly expiry of February futures & options contracts scheduled on February 29, quarterly GDP numbers by India & US, monthly global manufacturing PMI data, and auto sales.

BSE Sensex is trading at 72,828.47 points, down 315 points on Monday. Asian Paints is down 3 per cent.


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