Foreign investors bought Indian equities for a second straight session on Oct. 28, but October net sales stood at ₹47,816.65 crore, leaving the brief inflows short of reversing the month’s trend.
Provisional combined cash-market figures for the National Stock Exchange of India (NSE), BSE and MSEI showed net foreign purchases of ₹871.83 crore on Oct. 28, following net buying of ₹4,240.39 crore one session earlier. On Oct. 28, gross purchases totaled ₹16,834.53 crore against sales of ₹15,962.70 crore. The NSE identifies daily figures as provisional and also publishes a separate NSE-only series; figures here use the combined series. Overseas investors remained net sellers of ₹47,816.65 crore through the Oct. 28 close, while domestic institutions posted net purchases of ₹61,113.21 crore over the same October period.
Investor Ramesh Damani spoke at NDTV Profit Ignite in Mumbai on Oct. 28. He said the rupee could begin appreciating over the next three years. “I think you can make a case over the next three years that the rupee will not depreciate and will start appreciating,” he said, describing the currency as “cheap on a purchasing power parity basis.” He offered no rupee-dollar target; the outlook was his assessment, not an official forecast.
Damani described the recent foreign buying as the “leading edge of the rotation.” That view came as two sessions of net purchases followed foreign net sales of ₹1,462.49 crore on Oct. 26. In cumulative terms, the two buying sessions had not erased October’s net outflow through Oct. 28.
Damani also said the market correction had created opportunities for long-term investors. He pointed to the Sensex, which has moved from roughly 800 to close to 80,000 over his investing career, as evidence of India’s long-term equity potential. He said he expected oil prices eventually to fall and said India’s demographic strength would become more apparent.
Damani’s long-term view of Indian markets has also featured in earlier EconoTimes coverage of his market outlook.
