| Company | Value | Change | %Change |
|---|
| Week ended | FPI flows (crore rupees) |
| 20-12-2024 | -73,452 |
| 13-12-2024 | 19,920 |
| 06-12-2024 | 242,430 |
| 29-11-2024 | 28,426 |
The week’s data reveals a sharp drop in investor confidence, with FPI flows showing negative figures across four out of the five trading days.
On Friday, December 20, 2024, FPIs offloaded ₹35,186 crore in equities, leading to a whopping ₹19 lakh crore wealth loss for investors. The Nifty 50 marked its fifth straight day of losses, registering its worst week of 2024.
An upward revision in the revenue growth guidance by US-based information technology player Accenture Plc could not help Indian IT stocks sustain its early gains on Friday. The Nifty IT index dropped 2.6% on Friday and shed nearly 5% for the week. Heavyweights like Tech Mahindra, LTIMindtress, L&T Technology Services and TCS were the worst performers in the sub-index, losing between 2.2% and 6.3%.
Expensive valuations, coupled with the anticipation of a slower pace in interest rate cuts by the US Fed, dented the sentiment in the market, leading to the broad-based selling this week.
Meanwhile, analysts remain bearish on the market for upcoming sessions and expect benchmark indices to fall further on Monday. A hawkish outlook for future rate cuts by the US Federal Reserve could ensure market sentiment remains negative for a few more sessions, analysts said.
This could be aggravated by worries about lack of improvement in the December quarter corporate earnings, the depreciation of the rupee, recent net selling by foreign institutional investors, and rich valuations.
The rupee closed at 85.10 against the US dollar, hitting a new record-low pressured by foreign outflows, weak trade data and a strengthening dollar.
Also Read : Stock Market Crash: Nifty posts worst week of 2024, losing ₹19 lakh crore of investor wealth
First Published: Dec 20, 2024 7:40 PM IST
