Nine Sessions of FII Selling — Nifty Holds 23,500 Barely
FIIs pulled out ₹2,800 crore for the ninth consecutive session. Nifty slipped below 23,600 intraday before recovering. Mid-cap and small-cap indices bore the brunt.
Market Snapshot — Close
Market Overview
Nifty 50 ended Thursday at 23,535 — down 87 points — as nine consecutive sessions of FII outflows continue to weigh on sentiment. The index touched an intraday low of 23,487 before recovering on late buying by domestic institutions.
Key Observations
- FII cumulative outflow over 9 sessions: ₹38,400 crore
- Nifty Midcap 150: -0.8% — disproportionate selling in high-beta names
- India VIX at 15.3 — elevated, suggesting continued uncertainty
- INR weakened to 83.60 vs USD — pressure from outflows
Global Cues
Mixed signals globally: US Fed minutes revealed hawkish undertones with members preferring to keep rates higher for longer. Chinese PMI data came in weaker than expected, adding EM risk aversion. Europe flat-to-negative.
The Angle
The market is pricing in a "higher for longer" US rate scenario that makes EM assets less attractive. India's fundamentals remain strong — but that doesn't immunize against global sentiment shifts. For long-term SIP investors: do nothing, this is precisely the turbulence SIPs are designed for.