Foreign institutional investors (FIIs) on Tuesday halted its three-day selling spree and emerged as net buyers with a robust inflow of more than ₹2,024 crore. However, DIIs booked profits with an outflow of over ₹1,991 crore. Domestic equities recorded healthy buying with Sensex advancing over 63,400 and Nifty 50 ending above 18,800.
As per NSE’s data, on Tuesday, foreign institutional investors (FIIs) made a purchase of ₹10,452.72 crore, while they offloaded ₹8,428.67 crore worth of equities. Hence, the inflow stood at ₹2,024.05 crore.
However, the DIIs bought ₹6,784.35 crore worth of equity shares and they offloaded ₹8,775.70 crore — registering an outflow of ₹1,991.35 crore.
Today, Sensex ended at 63,416.03, up by 446.03 points or 0.71%. Nifty 50 settled at 18,817.40, higher by 126.20 points or 0.68%. Banking and financial stocks were top performers after merger updates from HDFC. Domestic equities shrugged off mixed global cues. Midcap and smallcap stocks also gained traction.
Talking about the current market performance, Ajit Mishra, SVP – Technical Research, at Religare Broking said, “Markets extended rebound and gained over half a percent amid mixed cues. After the initial uptick, Nifty drifted lower but gradual recovery in the heavyweights across sectors helped to settle around the day’s high. Among the sectoral indices, banking, financials, and realty were the top gainers. The broader indices also edged higher and gained nearly half a percent each.”
On the previous day, FIIs were net sellers with an outflow of ₹409.43 crore, however, DIIs were net buyers with an inflow of ₹250.12 crore.
For Wednesday’s trade, Mishra said, “The recent buoyancy in banking is encouraging ahead of the monthly expiry however the sustainability of the move would be critical. Amid all, we reiterate our view to focus on stock selection and risk management.”
Further, going ahead, Riches Vanara, Technical, And Derivatives Analyst, stoxbox said, “We expect investors to start choosing small and midcap stocks over large-cap stocks in search of higher growth and also because of the recent run-up in the valuation of heavyweight Banks and IT stocks. Hence it will be a tepid week for large caps with the market wary of global cues.”
Vanara added, “Following a tighter volatility contraction at the back of 20 DEMA in the previous trading session, the benchmark index opened by gapping up 57 points. The index then consolidated in a 35 points trading range until the mid-trading session, garnered bullish strength, and surged higher to close above the psychological mark of 18800.”
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Updated: 27 Jun 2023, 07:28 PM IST