FPIs dump Rs 10,578-cr equities

New Delhi: Foreign portfolio investors recorded their highest-ever single-day selloff on January 17, as they turned net sellers of Indian equities after two days. FPIs offloaded equities worth Rs 10,578.1 crore, according to provisional data from the National Stock Exchange. The previous highest-ever single-day selloff was Rs 9,691 crore, on November 3, 2017, says Deepak Jasani, Head of Retail Research, HDFC Securities.

World stocks and bonds took a hit on Wednesday as central banks pushed back against interest rate cut bets, while signs of a patchy economic recovery in China drove shares in the world’s second-biggest economy to their lowest in almost five years. The Indian government on Wednesday said it will sell a 3.5 per cent stake in power producer NHPC at a floor price of Rs 66 a share, which will garner Rs 2,300 crore to the exchequer over January 18-19, he said.

Asian equities were mixed Thursday after US stocks and Treasuries fell as strong retail sales data cast fresh doubt on the prospect the Federal Reserve will cut rates in March.

Nifty ended sharply lower on January17, marking the biggest intraday fall since June 13, 2022, due to panic selling across the board led by Bank shares. At close, Nifty fell 2.09 per cent or 460.4 points at 21571.9. Nifty fell on January 17 with a down gap, forming a bearish island reversal pattern. On a downward breach of 21,449, Nifty could head towards 20,977 over the next few days, while 21,851 could act as a resistance.