NIFTY SINCE DEC 31
ICICI Bank -56
HDFC Bank -32
Now comes the second internal. In one of my previous posts, I had pointed out at the importance of GROSS numbers from FIIs and not just the net number. And here are those numbers. Gross buy worth Rs 74,343 cr and gross sell worth Rs 84,475 cr. Now this gross sell number is in excess of $19 bn. So clearly the selling has been intensive in individual stocks. Its getting masked by gross buying, which could be in non-index stocks or may be under-owned Index stocks.
And the final piece in puzzle now - take a look at the FII holding and the value of that holding in the top 11 Nifty stocks. Any guess how much it's worth? It's Rs 3.65 lakh crore or $81 bn. Staggering isn't it? Presenting the data below.
STOCKS WITH HIGH FII HOLDING
Stock FII Holding (Rs cr)
ICICI Bank 44,278
HDFC Bank 27,811
Axis Bank 18416
As you would see, there is an overlap of many stocks in both these lists. My sense is that while there has been FII selling in some of the large cap stocks, the buying has happened in stocks which don't matter, or at least can't push up the Nifty. For example, an HCL Tech which has just 0.6% weight in Nifty but a stock which has actually risen in this carnage. Or even Power Grid for that matter.
Conclusion: I really wish we had the FII data on a monthly/fortnightly basis. That would surely solve this puzzle thoroughly. Now we have to wait for March end numbers and this quarter is not half way through yet.
Coming up in some time: A similar analysis on some of the midcap stocks which have seen big fall and their FII holdings.