Sensex opens in red, slips over 300 pts, Nifty gives up 14,700; ICICI Bank, HDFC top drags

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Domestic equity markets began trading in the negative on Monday morning. Sensex was down nearing 49,500 levels while Nifty 50 gave up 14,700. None of the gainers on Sensex jumped more than 1%. Dr Reddy’s and Sun Pharma were the top gainers. Dragging the index down were Reliance Industries, HDFC Bank, and other index heavyweights. India VIX gained 3.8% to cross 20 levels.

Foreign Portfolio Investors have been flooding domestic markets this fiscal year. The latest data from the Reserve Bank of India (RBI) showed that FPI investment into domestic equities till March 10 of this fiscal year stood at $36 billion, their highest investment into the country since 2013. RBI said that FPIs have been pumping money into domestic equities and have remained net sellers in the debt market. The love shown by FPI to India has not been mirrored elsewhere. Most other Asian emerging markets have seen net outflows during the same period.

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