Komal Meswani

Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) in the spot market on Thursday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 2,056.64 crore, their gross sales stood at Rs 2,515.82 crore.

On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 116.79 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,235.81 crore, their gross sales aggregated Rs 1,119.02 crore.

Read moreFIIs net sellers of Rs 459.18 cr (prov) in the spot market on Thursday

India’s industrial production continues to surprise on the upside, giving strong indications of solid recovery going on in the Indian economy. The Index of industrial production (IIP) surged 9.1% in the month of September, compared with 10.4% in the previous month and 6% in the same month last year.

What is important is that the September IIP number, unlike the August double digit jump, has come on a much higher base. September’s 9.1% growth on top of 6% growth clearly shows strong sequential improvement compared with August’s 10.4% growth on top of poor base of 2.1% in the previous year. In other words, the continuous strength in the IIP numbers shows that it is not just the base effect that is pushing the IIP, but the recovery momentum is also playing a substantial role.

Read moreIIP continues to surge, hits 9.1% in September

India’s steel majors cut prices between 3-5% on Tuesday in wake of softening global prices which has led to increased imports into the country. The decline was primarily in the flat products segment as the long products are already very competitively priced.

While the Steel Authority of India (SAIL), JSW Steel and Essar Steel have already announced the cuts, Tata Steel is yet to take a call on the issue. The industry is contending that the government was allowing India to be a dump yard for global steel makers by not raising the import duty.

Read moreIndian Steel companies cut prices by 3-5%