FIIs Net Buy Shares Worth .₹ 644 cr
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.