Kedia’s comment on X came after former Infosys CFO Mohandas Pai claimed that Indian stock markets are facing a crisis due to continuous selling by foreign investors, along with geopolitical tensions. “The biggest losers are small SIP investors,” Pai claimed, adding that SEBI should urgently allow open market buybacks by listed companies.
“Time to Act. Cash-rich companies should buy back stocks to stabilise markets. SEBI should act to protect small investors,” Pai wrote in a post on X, tagging Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and others.
Kedia supported Pai’s view, saying, “Markets don’t fall only when people sell, but when no one is willing to buy. Open market buybacks can help bridge that gap.”
This comes as Sensex and Nifty saw a sharp selloff recently, falling around 10% each in one month as the war between Iran and the US-Israel sparked a rally in oil prices, pushing them beyond the $100 per barrel mark for the first time since Russia’s invasion of Ukraine back in 2022.
Bears wipe off Rs 48 lakh crore from Dalal Street in March so far
The sharp selloff on Dalal Street has wiped off more than 48 lakh crore so far in March from the total market capitalisation of all companies listed on BSE, dragging it down to Rs 415 lakh crore by the end of the trading session on Monday.Markets have recovered partially today, with the Sensex rising over 1,500 points and the Nifty reclaiming 23,000 mark in the afternoon session after US President Donald Trump said that the US and Iran have had very good and productive conversations over the last two days regarding the “complete and total resolution” of the rising hostilities in the Middle East.
However, experts advise caution as the overall market sentiment remains negative. Foreign investors have been on a selling spree on Dalal Street. FIIs net sold Indian equities for the 17th consecutive session on Monday, net selling Indian equities worth Rs 10,414 crore, according to data on NSE.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)