Morning Alert.. *FPIs withdraw Rs 17,000 cr from equities in M | Equity99

Morning Alert..
*FPIs withdraw Rs 17,000 cr from equities in May over political uncertainty*
Foreign investors pulled out a massive Rs 17,000 crore from Indian equities in the first 10 days of the month owing to general election and the uncertainty surrounding its outcome coupled with expensive valuations and profit booking. This was way higher than a net withdrawal of Rs 8,700 crore in the entire April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields. Before that, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February. Looking ahead, post-general elections, corporate India's strong financial performance in Q4 FY24 is anticipated to be rewarded. While FPIs may adopt a cautious stance until the election results are clear, favourable outcomes and established political stability could see their return in significant numbers, Trivesh D, COO at Tradejini, said. According to the data with the depositories, Foreign Portfolio Investors (FPIs) experienced a net outflow of Rs 17,083 crore in equities this month (till May 10). There are multiple reasons behind this aggressive selling by FPIs. With the ongoing general election and the uncertainty surrounding its outcome, investors are wary to enter the markets before the election results, Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Research India, said.

* Global market action*
Dow Jones – Down by 0.12% or 47.73 points
FTSE – Up by 0.63% or 52.41 points
CAC – Up by 0.38% or 31.49 points
DAX – Up by 0.46% or 86.25 points
Gift Nifty – Down by 0.10% or 23.00 points

*FII/DII activities*
FII – Sold 2117.50Cr worth of shares
DII – Bought 2709.81Cr worth of shares.

*Stocks with high delivery Percentage*
GR InfraProjects Ltd – 94.5%
Metro Brands Ltd – 89.7%
Galaxy Surfactants Ltd – 89.1%
AIA Engineering Ltd – 88.5%
Radico Khaitan Ltd – 87.1%

*Primary market activities*
IPOs opening today
Indian Emulsifer Ltd (NSE SME) – Issue size 42.39Cr
Mandeep Auto Industries Ltd (NSE SME) – Issue size 25.25Cr
Vertiaas Advertising Ltd (NSE SME) – Issue size 8.48Cr

Listing today
Indegene Ltd (Main board) – Subscribed 70.30x

*Commodities updates*
Gold – Rs 74850/10gm, Silver – Rs 84984/kg, Brcrude – Rs 6552/barrel, Copper – Rs 870.70/kg.

*Corporate News*
Over 250,000 Infosys employees are trained in GenAI: CTO Tarafdar.

Tata Power to sell green energy to group companies, MNCs: Praveer Sinha.

SBI to hire over 15,000 in FY25 to boost operations, expand network.