FIIs continue to sell on valuation concerns
Foreign institutional investors (FIIs) continued their ongoing momentum of withdrawal from the Indian market, offloading equities worth a net Rs 1,326.74 crore on September 22, 2023, according to the provisional data available on the NSE. So far, FIIs have offloaded shares worth a net Rs 18,261.39 crore, while DIIs have purchased shares worth a net Rs 12,169.37 crore for the month till September 22, 2023.
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“Since valuations remain high even after the recent pull back and US bond yields are attractive ( the US 10-year bond yield is around 4.49 percent) FIIs are likely to press sales so long as this trend persists. It would be…