FIIs sell ₹5,027.36cr while DIIs buy ₹4,301.18cr as Nifty drops
Thursday was rough for Indian markets: Foreign Institutional Investors (FIIs) sold off ₹5,027.36 crore in stocks, flipping from their buying spree just a day earlier.
The Nifty dropped to 23,063, its lowest in five months, with global jitters and worries over IRDAI's proposals for the insurance sector adding to the pressure.
On the bright side, Domestic Institutional Investors (DIIs) stepped in as buyers with ₹4,301.18 crore.
Financials lose ₹125,000cr after IRDAI proposals
It was a sea of red: 48 out of 50 Nifty stocks fell. The Sensex crashed by 1,248 points; banking and midcap indices also took big hits.
Financial and insurance companies lost a whopping ₹1.25 lakh crore in value after IRDAI's proposals for the insurance sector spooked investors.
PB Fintech plunges 35% wiping ₹30,000cr
PB Fintech's shares nosedived by 35%, wiping out over ₹30,000 crore in value.
Other heavyweights like Bajaj Finance, HDFC Life, Bajaj Finserv, and Axis Bank dropped between 4% and 6%.
Banks tied to insurance sales, like IndusInd Bank and IDFC First Bank, also felt the heat.