FPI and equity market: A bizarre relation
The maiden budget presented by Finance Minister Nirmala Sitharaman proposed a higher surcharge on persons earning more than Rs. 2 crore. It proposes a higher surcharge covering every individual or Hindu undivided family (HUF) or association of persons (AOP) or body of individuals. This will increase the tax incidence on the sale of equity to 21.3 per cent from nearly 18 per cent now for short-term capital gains and to over 14 per cent from nearly 12 per cent for long-term capital gains.
This spooked the market that has yet to stabilise. After July 5, 2019, out of nine trading session, FIIs remained net seller in eight of those sessions. BSE 500, which captures more than 90 per cent of the entire market cap of listed companies, is down by 3.77 per cent in the same period. Even BSE 200 is down by similar per cent that has more of large-cap companies.
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)
So is it market falling due to the selling pressure from FIIs or is it the inherent weakness in the market.
FIIs and Market
To come out with the answer we tried to find the correlation between FIIs inflows and movement of BSE 500, there was no clear cut trend emerging out of it.
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)
The correlation between the daily change in FPIs inflows and change in BSE 500 index did not reveal anything conclusive. For some year it was positive while for other years it was negative. For example, in year 2018 there was a negative correlation between the FIIs daily inflows and daily movement of the BSE 500, while in year 2019 they were moving in the same direction. Moreover, if we take the correlation between BSE 500 and FIIs since 2005, it is -0.003641.
What is visible from the data is that when the market is going up there is weak relation between them, whereas in cases when the market is falling, we find that the relation becomes positive and strong. For example in year 2011 and 2018, when the overall market gave a negative return there was a positive relation between equity return and FIIs inflows. Nonetheless, in the year 2014 and year 2010, when the market was giving positive return, there was a negative relation between them.
The overall analysis of the FIIs inflows and equity market returns does not give any indication about their relation. There may be company-wise relation, but the Indian market has grown big enough and FIIs impact is less compared to earlier.