Buying by Foreign Portfolio Investors (FPIs) in the last few days in November has surged, ahead of the outcome of the US election results.
Hopes of a Biden Presidency has led to some huge buying in stocks in the last two days.
In fact, on November 5 FPI invested a staggering Rs 5,368 crores and on November 6 their net investment totalled a solid Rs 4,869 crores.
FPI Investment trend so far in November
|Date||Gross purchases||Gross sales||Net purchase/sale|
Further buying likely
It is possible that Foreign Portfolio Investors would continue to buy in the next few days, even as domestic institutional investors have been net sellers in the market. The buying is largely on the back of robust global cues.
The buying of the last few months has propelled the markets to a near record high. In fact, the indices are barely 2 per cent away from making record highs. In the next few days it is highly possible that the markets hit a new record high, surpassing their previous levels in what has been a highly volatile market this year.