FIIs Net Buy Shares Worth .₹ 644 cr

The Economic Times - - Com­pa­nies & Econ­omy -

For­eign in­sti­tu­tional in­vestors net bought shares worth .₹ 644 crore on Wed­nes­day, tak­ing their to­tal pur­chase tally for April so far to a lit­tle over .₹ 5,000 crore. Since Jan­uary, these in­vestors have pumped close to .₹ 8,600 crore into In­dian stocks.

MSCI’s broad­est in­dex of Asia-Pa­cific shares out­side Ja­pan gained 1.6% af­ter China’s ex­ports in March jumped 11.5% from a year ago, the first in­crease since June. The data re­vived hopes that the world’s sec­ond-largest econ­omy may be sta­bil­is­ing. Shang­hai Com­pos­ite In­dex gained 2.2%.

Some an­a­lysts said there is scope for dis­ap­point­ment from the March quar­ter re­sults be­cause cur­rent earn­ings es­ti­mates re­main op­ti­mistic.

“We be­lieve these es­ti­mates are a tad frothy and vul­ner­a­ble to down­grades in the back­drop of a mod­est eco­nomic re­cov­ery and the con­tin­ued cor­rec­tion in global com­mod­ity prices,” said Bharat Iyer, head of In­dia re­search, JP Mor­gan.

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