Mutual Funds Lap Up TCS Shares In Tata Sons Share Sale
TCS share sale valued at over Rs 9,000 crore likely saw large participation by the domestic mutual funds and insurance companies.
Domestic institutions lapped up the shares of Tata Consultancy Services Ltd. on offer by its parent Tata Sons at Tuesday secondary market share sale.
The share sale valued at over Rs 9,000 crore likely saw large participation by the domestic mutual funds and insurance companies.
The domestic inflows recorded the second-highest inflows so far this year on Tuesday, while overseas investors became net buyers of Indian equities.
Domestic institutional investors remained net buyers for the third day and mopped up equities worth Rs 7,449.5 crore, according to provisional data from the National Stock Exchange.
This comes on a day when 2.02 crore shares of Tata Consultancy Services Ltd. changed hands in five large trades. The inflow data indicate that domestic investors could have picked up most of the TCS stock. The trade was undertaken in the secondary market in five large trade and likely outside the block and bulk trade window with quantum being less than 0.5%. Tata Sons sold 0.65% stake at market open on Tuesday.
The previous daily provisional inflows of Rs 9,093.7 crore were recorded on March 13, when BAT offloaded ITC Ltd. stock via a block deal.
Foreign portfolio investors bought stocks worth Rs 1,421.5 crore, according to NSE. This figure also includes participation in the TCS large trade.
Foreign institutions have been net buyers of Rs 16,111 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The benchmark stock indices ended at the lowest level in over a month as the NSE Nifty 50 closed 238.25 points or 1.08% lower at 21,817.45, while the S&P BSE Sensex fell 736.37 points or 1.01% to end at 72,012.05.