According to Haldea, Indian markets have continued their steadfastly march towards atmanirbharta (self reliance) in the quarter ending September 2024. With net outflows of FIIs of ₹94,017 crore (outflow of ₹1,13,859 crore in secondary market and inflow of ₹19,842 crore in primary market) and net inflows of DIIs of ₹1,07,255 crore in October, DII share is likely to have already overtaken FII share by now, a landmark moment for the Indian capital market.

DIIs increased their allocation most to Consumer Discretionary (from 14.47% of their total holding as on June 30, 2024 to 15.27% of their total holding as on September 30, 2024) while they decreased their allocation most to Financial Services (25.88% to 24.90%). FIIs increased their allocation most to Healthcare (5.62% to 6.31%) while they decreased their allocation most to Financial Services (28.18% to 27.27%).

The share of the government (as promoter) decreased to 9.71% from 10.64% during the quarter, with a net sale value of ₹2,408 crore. On the other hand, the share of private promoters increased to 41.34% from 40.87% despite ongoing stake sales. Private promoters reduced their stake in as many as 465 companies during the quarter while increasing their stake in just 122 companies.

The share of retail & HNI investors declined slightly to 7.61% and 1.97%, respectively as on September 30, 2024 from 7.64% and 1.98% as on June 30, 2024. As such, the combined retail and HNI share decreased to 9.58% from 9.61% during the quarter. Individual investors bought a net of ₹17,810 crore in the secondary market during the quarter.

There were 14 companies in which the trinity of Promoters, FIIs and DIIs all increased their stake during the quarter these being (in descending order by market capitalisation) JSW Steel, Tata Consumer Products, Dabur, Indus Towers, Godrej Industries, Himadri Speciality Chemical, Jai Balaji Industries, Redtape, TTTK Prestige, Saregama India, Suprajit Engineering, Meghmani Organics, Aarti Surfactants and Mangalam Organics.

Life Insurance Corporation of India (LIC), India’s largest institutional investor, on the other hand, saw its share (across 283 companies where its holding is more than 1%) decreasing to an all-time low of 3.59% as on September 30, 2024 from 3.64% as on June 30, 2024, primarily on account of profit booking (LIC increased its stake in 78 companies during the quarter while reducing its stake in 103 companies). Given that LIC commands a lion’s share of investments in equities by insurance companies (at least 69% share or ₹16.76 lakh crore), the overall share of Insurance companies also went down marginally from 5.24% to 5.21%, with them selling a net of ₹4,091 crore during the quarter.

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