FIIs, retail investors make the most of bear market rally

But Sensex outperforms all investor classes with 22.7% gain.

Shareholders have recovered Rs 437,930 crore in the current bear market rally, which has extended to 11 trading sessions between March 9 and on Thursday.

Foreign institutional investors (FIIs) and retail investors have been the largest gainers among all classes of investors, netting 20 per cent and 19.7 per cent respectively. Domestic institutional investors (DIIs) and promoters have been the third and fourth gainers with 18.7 per cent and 15.6 per cent respectively.

However, the current rally seems restricted to a few large-cap stocks, which is why the Sensex (up 22.6 per cent) has outperformed all investor classes. However, for the Sensex, the top five heavyweights — Reliance Industries (RIL), ICICI Bank, HDFC, Infosys Technologies and HDFC Bank – accounted for 54 per cent of the total gains of 1,777 points.
 

INSTANEX OWNERSHIP INDICES
	Mar 9, 09	Mar 26, 09	% Chg
Top 15	174.24	204.32	17.27
Promoter 15	198.41	228.65	15.24
FII 15	185.16	225.30	21.68
DII 15	174.73	211.32	20.94
Retail 15	160.96	196.59	22.14

RIL, which has the highest weightage of 17.41 per cent in the Sensex, has clocked 25 per cent of the pullback in the BSE benchmark index in the last 11 trading days. The company’s stock has appreciated by 36 per cent since March 9 and has contributed 442.52 points to the Sensex.

The other four heavyweights — ICICI Bank, HDFC, Infosys Technologies and HDFC Bank — together contributed 29 per cent or 514.31 points to the Sensex pullback. Sterlite Industries has become the largest gainer with a 51 per cent jump from Rs 244.45 to Rs 368.10 on BSE. ICICI Bank, Hindalco, Tata Steel, Jaiprakash Associates and HDFC have gained in the range of 30-42 per cent.

For a clear picture, the BS Research Bureau study was based on a sample of 604 companies that are part of both the BSE-500 index and the S&P CNX 500 index. These 604 companies account for 95 per cent of the total market capitalisation of stocks traded on both BSE and NSE and, hence, the sample size is comprehensive.