Foreign institutional investors (FIIs) continued their buying streak as Indian markets hit fresh record highs during Thursday’s trade even against weak global cues. The domestic institutional investors (DIIs) also continued selling and offloaded ₹193 crore in markets on July 20.
As per the NSE data, FIIs cumulatively bought ₹11,423.73 crore of Indian equities, while they sold ₹8,052.83 crore — resulting in an inflow of ₹3.370.90 crore. Meanwhile, DIIs infused ₹8,102.27 crore but offloaded ₹8,295.29 crore, registering an overall outflow of ₹193.02 crore. FIIs have been net buyers of domestic equities for several days in a row, while too DIIs showed a renewed interest in buying Indian stocks for few sessions, but have returned to offloading in markets.
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On July 20, both key indices hit fresh record highs, continuing the winning streak for the sixth consecutive session amid mixed global cues. Sensex closed 474 points, or 0.71 per cent, higher at 67,571.90 while Nifty closed the day at 19,979.15, up 146 points, or 0.74 per cent. This was the fresh closing high of both indices.
The BSE Midcap also hit its fresh record high of 29,671.6 during the session but pared gains and closed at 29,623.67, up 0.05 per cent. The BSE Smallcap index also hit its fresh record high of 34,193.74 during the session but closed 0.19 per cent higher at 34,101.53.
Infosys, Havells India, Hindustan Unilever, Coforge, among others announced their April-June quarter results for fiscal 2023-23 on July 20. Infosys, the second largest IT services company in India, reported a rise of 11 per cent in net profit to ₹5,945 crore, compared to ₹5,360 crore in the year-ago period.
‘’On the backdrop of consistent FIIs buying ( ₹16300cr month till date), sound macros and micros, and surplus monsoon so far, Nifty has rallied by 15 per cent since 1st April’23 and 4 per cent month till date. Nifty should most likely cross the 20k mark on Friday given the ongoing momentum and clear strength visible in the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
‘’Strong heavy weights results are likely to further influence the market direction in the near term. Investors eagerly await Reliance Q1 results, which will be announced Friday, and management commentaries on the same along with further details on Jio’s financial listing,” added Khemka.
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Updated: 20 Jul 2023, 06:50 PM IST