Share Market LIVE: SGX Nifty hints weak opening for Sensex, Nifty; FPI selling continues unabated
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets enter this week’s trading session on the back of a strong jump that was recorded on Friday. S&P BSE Sensex rose 1,534 points or 2.91% while NSE Nifty 50 added 456 points or 2.89% to settle at 16,266. Both the indices were net gainers during the week. Ahead of Monday’s trading session, SGX Nifty was up in the red, suggesting a gap-down start to the day’s trade. Global cues were mixed after Wall Street equity indices closed in separate directions on Friday. Among Asian stock indices Shanghai Composite, KOSPI, and Hang Seng were down in the red.
The outflow of funds from domestic markets has continued as Foreign Portfolio Investors (FPI) remain net sellers. So far in the month of May, FPIs have pulled out Rs 37,216 crore as headwinds such as tighter monetary policy and rising inflation force investors towards safer havens. With this, net outflow by FPIs from equities has reached Rs 1.65 lakh crore so far in 2022. “The major factor behind the relentless FPI selling is the appreciation of the dollar which has taken the dollar index above 103. Also, India is the major emerging market where FPIs are sitting on big profits and the market is very liquid to absorb FPI selling,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He added that FPI selling is likely to continue.