FIIs Unleash Record Selling Spree as BJP Disappoints, Markets Crumble

Record ₹12,436 crore sell-off by FIIs in Indian equities on Tuesday after BJP's underwhelming poll performance led to a 6% crash in Nifty, Sensex.

On Tuesday, foreign institutional investors (FIIs) carried out a record sell-off of ₹12,436 crore in Indian equities. This massive selling spree came after the BJP-led National Democratic Alliance (NDA) failed to match the exit poll predictions over the weekend. Consequently, the benchmark Nifty 50 and Sensex indices plummeted nearly 8% during the day, eventually closing around 6% lower.

The sell-off by FIIs on Tuesday is believed to be an all-time high, surpassing the previous record of ₹10,578 crore witnessed on January 17, when foreign investors sold equities on a single day. In June alone, FIIs have net sold equities worth ₹5,585 crore. Throughout 2024, their net selling in Indian equities has exceeded ₹1.32 lakh crore.

Foreign investors’ highest selling spree in 2024 occurred in May when they offloaded ₹42,214 crore worth of equities. March was the only positive month, with FIIs making net purchases of ₹3,314 crore. In the futures market, their bearish stance continued on Tuesday, as they added net short positions of 1.58 lakh contracts valued at ₹9,843 crore.

Public sector unit (PSU) stocks bore the brunt of the selling pressure following the election results. REC lost nearly a quarter of its market capitalization, closing 24.07% lower on Tuesday. Other PSU stocks like PFC, Power Grid, NTPC, and NALCO also witnessed significant losses.

On Wednesday, the Gift Nifty index is indicating a gap-up opening for the Nifty 50 by almost 130 points. However, volatility is expected to remain high, with the Nifty Bank index’s expiry and India VIX closing nearly 28% higher at 26.75 on Tuesday, reflecting anticipated market volatility over the next 30 days.

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