Foreign institutional investors (FIIs) are back with a bang in the domestic equity market with net inflow of Rs 33,980 crore in March amid hopes of the Modi government coming back to the power.Recording highest monthly inflows, FIIs’ gross purchases in Indian equities in FY19 stood at 1,50,057 crore and gross sales at Rs 1,16,076 crore.They infused more than Rs 51,000 crore in February and March after being net sellers of shares worth Rs 4,262.01 crore in January.Heavy buying by FIIs gave a boost to an otherwise dull market. They included Adani Transmission, Agro Tech Foods, Amara Raja Batteries, Atul, Au Small Finance Bank, Avenue Supermarts, Century Textiles, ICICI Lombard General Insurance, Indiabulls Ventuers, JSW Holdings, KCP, Jubilant Foodworks , Kiri Industries and Westlife Development.Domestic brokerages are bullish on some of the stocks mentioned in the list. For instance, HDFC Securities has a ‘buy’ call on Jubilant FoodWorks with a price target of Rs 1,750. Antique Stock Broking is bullish on Sunteck Realty with a target price of Rs 550.As many as 44 companies on this list advanced up to 35 per cent in last two months, suggesting FIIs could be potential buyers on these counters. Shares of Suven Life Sciences, Sunteck Realty, Astrazeneca Pharma, Tata Communications, Kiri Industries, Ultramarine & Pigments and Mold-Tek Packaging delivered double-digit returns to investors during February-March.Thirty companies on the list delivered positive returns to investors in last one year with Astrazeneca Pharma and JSW Holdings advancing up to 115 per cent.

Source: Economic Times April 02, 2019 06:33 UTC