Mumbai: The Sensex and Nifty snapped their four- day winning streak as FIIs turned net sellers of domestic equities for the second consecutive day. While the Sensex dropped 78.86 points or 0.32 per cent to end the trading session at 24,298.02, the Nifty ended the day at 7,252.90, down 22.90 points or 0.31 per cent.
After selling equities worth over Rs 100 crore on Tuesday, FIIs sold equities to the tune of Rs 266.22 crore on Wednesday, according to the provisional data from the stock exchanges.
However, small and mid cap stocks again stole the limelight on Wednesday with the BSE small and mid cap index registering impressive gains of 1.84 per cent and 1.34 per cent respectively. “There were some short term overseas funds, which had taken exposure in the Indian equities during the election time.
They are booking some profits. Additionally, overseas investors are also re-allocating their capital towards cyclical stocks,” said Vinod Nair, head of fundamental research at Geojit BNP Paribas.
