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Explore Now Mumbai: Discretion is the better part of valour, Shakespeare said about five centuries ago. For overseas investors, it’s still the best strategy to make money in covid-crippled India. As an unprecedented viral wave shuts the country down for the second consecutive summer, discretionary expenditure has visibly ebbed and so has FPI enthusiasm for business-as-usual stocks that rely on normal mobility. Instead, this block that owns more than a fifth of India’s market value is now buying up the traditional ‘defensives’ products one can’t live without. So, consumer staples and IT are featuring more prominently on FII buy lists while BFSI and autos get the short shrift. Overseas investors bought $376 million (Rs 2,800 crore) and $201 million (Rs 1,517 crore) worth of consumer staples and IT stocks, respectively, in April. ....
As foreign institutional investors (FIIs) turned net sellers in April, snapping their six-month buying spree, amid a violent and overwhelming outbreak of the second Covid wave in India, there were two sectors that still caught their fancy. The FIIs, which pulled out $1.29 billion from the equity markets last month their highest ever since March last year, still ploughed money in the FMCG and real estate sectors for two months in a row, shows a report by Edelweiss Securities. The two sectors which continue to see highest net inflow consecutively for the two months are – FMCG and Realty, the Edelweiss report compiled by Abhilash Pagaria said. ....
Explore Now MUMBAI: The shares of Power Grid Corp could gain as much as 10 per cent more ahead of the launch of Power Grid Infrastructure Investment Trust s (InvIT) initial public offering. Analysts believe that the InvIT launch could entail an additional dividend payout of ₹4 to ₹5 per share along with PowerGrid s March quarter result. We believe ahead of the InvIT launch we can see rally in stock led by short covering. the bullish reversal pattern near the current support levels would lead the stock towards the 230-235 levels, said Abhilash Pagaria, senior manager, Edelweiss Alternative Research. Shares of Power Grid, which rose 2.2 per cent to close at ₹215.75 on Monday, are down 5 per cent since February 16 when the benchmark indices hit a record high. The Sensex is down 7 per cent from that date. ....
Explore Now Mumbai: The stock market could rebound, after plunging as much as 3 per cent on Monday, with the government announcing that all persons of 18 and above will be eligible for Covid vaccinations from May 1. The measure could calm frayed nerves in the market but money managers said the pace of new infections must slow for stocks to extend gains. “Markets will see the vaccination news positively this will be somewhat positive and it was expected also,” said Piyush Garg, CIO, ICICI Securities. “Last year, there was uncertainty, but this year vaccines are available and people know that lockdowns will not last for several months.” ....
Companies in the real estate and insurance sector cornered the bulk of the foreign portfolio investor (FPI) flows half a billion dollars each in March. The oil & gas sector too reported strong inflows of close to $460 million. Analysts believe the spike in flows in the real estate sector is a case of foreign funds taking a bullish view on select stocks and not the entire sector. “This is the first time FPIs deployed a sizable amount in the real estate sector,” said Abhilash Pagaria, an analyst with Edelweiss Alternative Research. “Although in March, NSE Realty index fell 4.5 per cent, the outliers were Oberoi Realty (up 5.5 per cent) and Prestige (up 2.5 per cent).” ....