In the month, financial services saw the highest selling of ₹7,468 crore in the month, followed by ₹3,796 crore selling in power.
Foreign institutional investors (FIIs) sold financials and power stocks worth about ₹11,444 crore in July and chose IT stocks for buying, data showed. Economic Times reported citing data which showed that out of the net FII buying worth ₹32,367 crore last month, dollar money was seen flowing into IT ( ₹11,763 crore), metals ( ₹7,310 crore), auto ( ₹6,148 crore), healthcare ( ₹5,054 crore) and capital goods ( ₹4,927 crore).
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
In the month, financial services saw the highest selling of ₹7,468 crore in the month, followed by ₹3,796 crore selling in power.
Motilal Oswal said, “The CASA mix continued to moderate, and with ongoing tightness in the rate environment, we expect pressure to continue in the near term. Asset quality trends were mixed, with many private banks reporting a rise in slippages/credit costs, particularly lenders having a higher mix of unsecured segments such as MFI and credit cards. Select large private banks also reported higher slippages due to seasonal stress in the agri portfolio.”
Motilal remained overweight on PSU banks, consumption, industrials, and real estate as the brokerage said, “We recently raised IT to marginal overweight from underweight and cut auto from overweight to underweight. We also turned overweight on healthcare from neutral, while maintaining our underweight stance on private banks and energy.”
News/Business/ Foreign investors sell banks, power stocks worth over ₹11,000 crore, buying seen in this sector
