Foreign institutional investors (FIIs) continued their buying streak as Indian markets hit new record highs during Monday’s trade even against weak global cues. The domestic institutional investors (DIIs) snapped its selling spree from last week and instead pumped ₹64 crore in markets on July 17.
As per the NSE data, FIIs cumulatively bought ₹8,286.36 crore of Indian equities, while they sold ₹8,213.36 crore — resulting in an inflow of ₹73 crore. Meanwhile, DIIs infused ₹7,182.87 crore but offloaded ₹7,118.53 crore, registering an overall outflow of ₹64.34 crore. FIIs have been net buyers of domestic equities for several days in a row, while DIIs have shown a renewed interest in buying Indian stocks.
On July 17, both key indices hit fresh record highs in intraday trade and closed the day at new closing highs, showcasing the resilience and strength of the domestic market amidst challenging global circumstances.
Sensex opened 87 points higher at 66,148.18 against its previous close of 66,060.90 and rose 595 points to hit its fresh record high of 66,656.21. The index cooled off slightly and closed 529 points, or 0.80 per cent, higher at 66,589.93 which is its fresh closing peak.
The Nifty also hit its fresh record high of 19,731.85 during today’s session but closed slightly lower from this level but still at its fresh closing high of 19,711.45, up 147 points, or 0.75 per cent.
The domestic market benchmarks have been up for the last three consecutive sessions on sustained foreign capital inflow amid a healthy economic outlook. Expectations of an end of the rate hike cycle in the US after July and India Inc.’s broadly in-line Q1FY24 results so far have also underpinned sentiment.
“China reported economic growth of 0.8 per cent in the second quarter, above the 0.5 per cent forecasted, while the annual pace slowed more than expected to 6.3 per cent, well below expectations for a reading of 7.3 per cent, said news agency Reuters. US stocks futures and major Asian and European peers were in the red when the Sensex closed as China’s weak growth data raised worries about the global economy.
‘’Despite the mixed performance observed in the Asian market due to China’s underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result. Nifty50 Q1 consolidated PAT is projected to grow by more than 20 per cent YoY, which can upgrade the full year earnings growth of FY24,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Updated: 17 Jul 2023, 06:32 PM IST