Indian Markets Dip on Global Cues, FPIs Turn Net Buyers in February

6 Mar 2024 , 01:50 PM

Indian stock markets experienced a decline influenced by global market trends. The Sensex dropped by 192.13 points (0.26%) to 73,485, and the Nifty fell by 81.10 points (0.36%) to 22,275.20 by 1 pm. Notable gainers included private banks like Kotak Mahindra Bank, Axis Bank, ICICI Bank, IndusInd Bank, and pharmaceutical company Sun Pharmaceuticals. On the flip side, top drags on the Sensex were NTPC, Power Grid Corp., Tata Steel, Wipro, and JSW Steel. 

In February, Foreign Portfolio Investors (FPI) turned net buyers in Indian stocks, contributing ₹15.39 billion (~$186 million), driven by inflows into the auto and pharma sectors. This positive trend was further supported by a weightage increase in a key MSCI index. After experiencing minimal changes in January, the benchmark indexes Nifty 50 and BSE Sensex recorded over a 1% gain in February, attributed to FPI buying and strong domestic inflows.

For feedback and suggestions, write to us at [e-mail]