Indian equity indices pared losses to end slightly higher on Wednesday ahead of the US Federal Reserve’s interest rate decision.
Foreign institutional investors (FIIs) sold stocks of Indian companies worth ₹14,562.41 crore and bought stocks for ₹19,273.27 crore, resulting in an inflow of ₹4,710.86 crore, according to NSE data.
Domestic institutional investors (DIIs) bought equities worth ₹8,697.17 crore and offloaded shares worth ₹9,655.66 crore, resulting in an outflow of ₹958.49 crore, the exchange data showed.
On Tuesday, FIIs’ net inflow was recorded at ₹ 76.86 crore, while DIIs’ net inflow was recorded at ₹ 1,923.32 crore.
The BSE 30-share Sensex rose 33.57 points, or 0.05%, to settle at 69,584.60, driven by late buying. During the day, it fell 450.47 points, or 0.64%, to 69,100.56.
The NSE Nifty gained 19.95 points, or 0.10%, to 20,926.35.
Vinod Nair, head of research at Geojit Financial Services, said: “India’s domestic industrial production and manufacturing PMI exceeded expectations, a clear reflection of the continuation of economic growth in H2FY24. However, a simultaneous challenge emerges as retail inflation stands at 5.5%, still much above the RBI’s 4% target. This inflationary pressure, driven by high food inflation and the looming spectre of El Niño, is poised to persist.”
“The market’s focus now shifts to the upcoming FOMC meeting. And the recent global upside is getting far stretched in anticipation of a rapid fall in US Fed rate in CY2024,” added Nair.
In the broader market, the BSE midcap gauge climbed 1.06% and smallcap index gained 0.73%.
Among the sectoral indices, services climbed 1.50%, realty jumped 1.45%, utilities (1.33%), power (1.25%), auto (1.17%) and consumer discretionary (0.85%).
IT, telecommunication, bankex, oil & gas and tech were the laggards.
The Indian rupee fell to its record closing low on Wednesday on the strong US dollar.
The rupee ended at 83.40 against the dollar, compared with its close of 83.3875 in the previous session.
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Published: 13 Dec 2023, 07:23 PM IST