FIIs end up buying Indian stocks worth over Rs 26,000 crore in June, all eyes now on Budget
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Shrugging off all worries related to elections, foreign institutional investors (FIIs) have ended up buying Indian stocks worth about Rs 26,565 crore in June - before the Union Budget and India’s inclusion in JP Morgan’s bond index. After being net sellers in the last two months, a U-turn by FIIs comes amid expectations that reforms will continue after the elections. Improved GDP growth forecast and solid earnings by India Inc has also increased the appeal for FIIs, analysts say. “Political stability despite the BJP not getting majority on its own, and the sharp rebound in markets aided by steady DII buying and aggressive retail buying, has forced the FIIs to turn buyers in India. It appears that FIIs have realised that selling in the most performing market would be a wrong strategy. FII buying can sustain provided there is no sharp up move in U.S. bond yields,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Service...