FIIs net buyers for 10 days in row, invests ₹1,197 crore today in Indian stocks; DIIs show dull demand
Foreign institutional investors (FIIs) continue to be net buyers of Indian stocks for the tenth consecutive day on Tuesday. FIIs today pumped in more than ₹1,197 crore. However, domestic institutional investors (DIIs) showed dull demand for domestic equities. Broadly, markets ended on a positive note with the focus now on IT firms’ Q1 earnings for FY24 with biggies TCS and HCL Tech queued up for their financial results tomorrow followed by Wipro on July 13.
As per NSE data, cumulatively, FII buying value stood at ₹10,839.74 crore and selling value at ₹9,642.36 crore — resulting in an inflow of ₹1,197.38 crore in Indian equities.
On the other hand, DIIs bought ₹9,758.83 crore worth of equities but offloaded ₹9,766.08 crore on Tuesday. Hence, they were net sellers with an outflow of meager ₹7.25 crore.
FIIs have been net buyers since June 27th, while DIIs have broadly been net sellers so far in the current month.
During July 11th trading session, Sensex ended at 65,617.84, up by 273.67 points or 0.42%. While Nifty 50 ended at 19,439.40 higher by 83.50 points or 0.43%. Consumer durables, auto, healthcare, IT, capital goods, and oil & gas stocks were among the top gainers. While banking, metal, and financials were top laggards. Midcap and small-cap stocks gained traction as well.
Talking about market performance, Ajit Mishra, SVP – Technical Research, Religare Broking said, “Markets edged higher in a volatile session, in continuation to the prevailing consolidation tone. The first half was upbeat however Nifty failed to surpass the immediate hurdle at the record high and witnessed profit-taking in the latter half. Finally, it settled at 19439.40; up by 0.43%. Most sectors contributed to the move wherein auto, FMCG, and pharma were among the top gainers. Meanwhile, the broader indices outperformed and gained nearly a percent each.”
In the previous session, FIIs invested ₹588.48 crore, while DIIs were also net buyers with an inflow of ₹288.38 crore.
For Wednesday’s trade, Mishra said, “The pressure in the banking pack is capping the upside while others are trying their best to push the markets higher. Though it may further delay the resumption of the trend, the tone is likely to remain positive.”
Besides, he added, “We are closely eyeing the US markets for cues and their sustained recovery could trigger the next leg of up move. Meanwhile, we reiterate our view to focus on stock selection and utilizing this phase to gradually accumulate them on dips.”
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Updated: 11 Jul 2023, 06:03 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.