US foreign funds continued to offload index-based stocks in Indian bourses amid caution in global markets as Fed minutes indicated no brakes on interest rate hike amid inflation concerns. Fund activity today was uncertain. There was also a trend of portfolio reshuffling by local funds and foreign funds to reduce overbought positions in overbought stocks in some sectors to invest in shares of companies in other sectors. Among banking-finance stocks, Bajaj Finance and Bajaj Finserv twin stocks were followed by fund offloading and selling in IT-software services, consumer durables stocks. While automobile, FMCG, metal-mining, oil-gas, healthcare, capital goods stocks gained momentum. In banking stocks, the Sensex closed down 304.18 points at 60353.27 and the spot Nifty closed down 50.80 points at 17992.15.
Bajaj Finance CLSA share fell Rs 474 on sale: Bajaj Finserv fell Rs 79
In banking-finance stocks today, Bajaj Finance reported 27 per cent slower-than-expected quarterly AUM-assets under management of Rs 2.3 lakh crore Brokerage house CLSA assigned a sell rating of Rs 6,000 to the stock, while funds Maintained its overbought position. 474. Bajaj Finserv declined by Rs. 78.90 to Rs. 1468.55, falling by Rs. 75 to Rs. 6099.85. The BSE Bankex index closed at 48556.83, down 380.82 points. ICICI Bank declined by Rs 19.95 to close at Rs 879, Axis Bank declined by Rs 9.35 to close at Rs 948.05. Along with this, BF Investments fell by Rs 45.95 to Rs 413.65, Chawla Investments by Rs 28.30 to Rs 690, General Insurance by Rs 5.95 to Rs 195.05.
Funds cautiously lower IT stocks: Intel Design, L&T Techno, Tanla declined
Funds were sold in IT-software services, technology stocks. Intellect Design fell by Rs 10.20 to Rs 428.95, L&T Technologies fell by Rs 80.90 to Rs 3640, Rategen Travel by Rs 6.45 at Rs 295.95, Tanla Platforms by Rs 14.75 at Rs 703.60, Sasken Techno by Rs 15.70 at Rs 882.70. Tata Elxsi closed at Rs 6295.35, down Rs 71.45.
Cautious selling continues in small, mid-cap stocks as panic mounts: 1,861 shares close negative
WE FOMC minutes indicated interest rate hike will continue, with global markets cautious, Indian stock market Sensex, Nifty based fall continues, and market breadth remains negative in terms of funds, players in small, midcaps Let’s continue selling. Keep the cash stock like this, panic increases. BSE registered 1618 gainers and 1861 decliners out of total 3626 scrips.
Cash sales by FPIs/FIIs Rs 1449 cr: Net sales by DIIs Rs 194 cr
Foreign Portfolio Investors-FPI, Foreign Institutional Investor-FII made huge net sale of shares worth Rs 1449.45 crore in the cash segment today-Thursday. Total sales stood at Rs.8724.53 crores against total purchases of Rs.7275.08 crores. While DII-Domestic Institutional Investors made net sales of Rs 194.09 crore in the cash segment today. Total sales stood at Rs.7092.26 crores against total purchases of Rs.6898.17 crores.