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Mumbai: Indian equities fell to a one-month low tracking weak Asian and European markets, but cut its losses thanks to a smart recovery in late trade. However, the upside was that foreign institutional investors (FIIs), remained net buyers, according to data put out by the exchanges.
In fact, for January-August this year, they have bought near $13 billion worth of shares, a record for this period.
On Tuesday, the BSE Sensex fell 60.9 points, or 0.34%, to close at 17,971, while the broader 50-share NSE Nifty was down 13 points, or 0.24%, at 5402.4.
At one point, the Sensex had touched an intraday low of 17,819 but recovered about 152 points in late trade.
There has clearly been a bit of profit booking seen at these levels as there is some amount of risk aversion arising out of negative global news flow, said Arindam Ghosh, CEO, Mirae Asset Management. In the immediate term there could be some reversal of liquidity (FII inflows) because of the prevailing uncertainty in the global markets.
According to BSEs provisional estimates, FIIs were net buyers to the tune of Rs 287 crore, while domestic institutional investors sold shares worth Rs 595 crore. In fact, they have purchased equities worth $2.2 billion in August so far, taking the year-till date figure to $12.7 billion.
We are getting mixed global and local cues. Locally, while the growth numbers look good, exports are in a spot of a bother. Volatility will remain high for at least another two weeks, said Naresh Kumar Garg , CEO, Sahara Mutual Fund.
It was a gloomy day for global markets on Tuesday. While European shares were trading in the red, key benchmark equity indices in Asia Pacific mostly declined. The Nikkei 225 lost the most at 3.5%, while Hang Seng and Kospi slipped about a percentage point.