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Rising rupee, GST receipts lift mood
Foreign investors have pumped in almost Rs. 4,800 crore into the Indian capital markets in the last five trading sessions, after pulling out large sums in October, amid cooling global crude oil prices and rising rupee. The recent infusion comes following a net outflow of more than Rs. 38,900 crore in October, which was the steepest withdrawal in almost two years. Foreign portfolio investors (FPIs) had pulled out more than Rs. 21,000 crore from the capital markets (both equity and debt) in September. Before that, foreign investors had put in Rs. 7,500 crore in July and August. According to depositories data, foreign portfolio investors (FPIs) infused Rs. 215 crore into the equity markets during November 1-9, and Rs. 4,557 crore in the debt market, taking the total to Rs. 4,772 crore.
“Continuing fall in oil prices and drop in yields eased liquidity concerns,” said Vinod Nair, head of research, Geojit Financial Services. Adding to the upbeat mood, GST collections in October crossed the Rs. 1 lakh crore-mark, after a five-month gap, on the back of festive spending and anti-evasion measures, Finance Minister Arun Jaitley tweeted earlier this month. The Finance Ministry had said that 67.45 lakh businesses filed Goods and Services Tax (GST) returns in October and deposited Rs. 1,00,710 crore as taxes.
Source : https://www.thehindu.com/todays-paper/tp-business/fpis-infuse-rs-4800-cr-in-5-sessions-on-lower-oil/article25471357.ece
