FIIs sold equity worth Rs 25,853 cr in last 7 days

New Delhi: While foreign institutional investors (FIIs) sold heavily in the past few days, the selling has been countered by domestic funds.During the last seven days, FIIs sold equity worth a massive Rs25,853 crores but the domestic institutional investors (DII) buying overwhelmed this FII selling and the market continued its upward momentum, says VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The overarching trend of this market is its bullishness despite negative triggers. The rising bond yields in the US and geopolitical tensions are not impacting the market at all, he said.He said the Q4 results of Axis Bank are better than expectations and, therefore, the market will respond to that.

“The regulatory restrictions on Kotak Bank will weigh on the stock. Since the VIX is at low levels, the market will not witness any serious corrections. In the near term, consolidation is likely,” he added.BSE Sensex was trading at 73,811 points down by 40 points. Kotak Mahindra Bank was down 9.9 per cent.

Motilal Oswal Financial Services said Kotak Mahindra Bank has been reporting stronger growth in retail products, aided by a higher mix of digital sourcing and a thrust on unsecured products. The bank has earlier guided to further increase the mix of unsecured products as the underlying asset quality remains under control, while high cross-selling and reduced costs of digital sourcing are aiding overall profitability.

“The RBI ban will thus disturb the growth trajectory of retail products and adversely impact overall margins and profitability,” the brokerage said.