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Momentum investors lead the markets

Jul 5, 2000

June turned out to be a disappointment from the point of view of FII investments in the country. Infact, FII were net sellers to the tune of Rs 9.4 bn. Yet the markets managed to hold onto their gains. Thanks to momentum investors.

On the 1st of June, the net outstanding positions on the BSE stood at Rs 17.7 bn. By the end of the month however, this figure had risen sharply to Rs 25.1 bn. Presently the net outstanding positions in the market are still higher at Rs 29.1 bn. The buying interest from this segment of the market is evident.

Despite the increase in buying interest, the markets have failed to show a distinct up trend. This is largely due to selling pressure from FIIs. However here too there seems to have been a change of sentiment in the last two days. The FIIs invested Rs 460 m in Indian stocks on Monday and Tuesday.

The buying sentiment seems to be picking up. Whether it will sustain in the near term is difficult to predict. But unless the government initiates policy measures to curtail the deficit, sell off PSUs and fuel growth (by aiding policies) in coming months, there will continue to be concerns regarding the sustainability of the rally.

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