FII continues buying streak pumping ₹588 crore in Indian stocks; DII snap selling spree; check details

As per the NSE data, FIIs cumulatively bought ₹8,128.05 crore of Indian equities, while they sold ₹7,539.57 crore — resulting in an inflow of ₹588.48 crore. Meanwhile, DIIs infused ₹8,074.49 crore but offloaded ₹7,786.11 crore, registering an overall outflow of ₹288.38 crore. FIIs have been net buyers of domestic equities for nine consecutive days now, while DIIs snapped its selling streak and bought more stocks today.

‘’DIIs have emerged as major sellers during the last two trading sessions with cumulative selling of ₹5316 crore. At lower levels, FIIs may again buy aggressively since India continues to be a consensus favourite destination for FIIs. In brief, the market is likely to move into a consolidation phase,” said r. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

During Monday’s trade, Sensex ended with a mild gain of 64 points, or 0.10 per cent, at 65,344.17 while the Nifty closed with a gain of 24 points, or 0.12 per cent, at 19,355.90. Mid and smallcaps underperformed as the BSE Midcap index fell 0.45 per cent while the Smallcap ended 0.26 per cent lower.

In the 30-share pack Sensex, 21 stocks ended in the red while only nine stocks ended with gains. It was the gains in the shares of Reliance Industries that saved the benchmark index. The stock rose 3.78 per cent and alone contributed 302 points to the Sensex index.

Talking about the current market performance, Vinod Nair, Head of Research at Geojit Financial Services said, ‘’Indian equities faced broad-based weakness, but the benchmark managed to stay marginally positive with the support of strong buying in heavyweight stocks. The weakness was led by IT stocks, as the sector is set to kick off the Q1 result season with expectations of soft earnings.”

Cues from the US markets are unfavourable, as concerns about another rate hike persist despite expectations of a fast cooling of future US CPI inflation data, according to Nair.

On Friday, FIIs purchased shares worth a net amount of ₹790.40 crore, while DIIs sold shares worth a net amount of ₹2,964.23 crore.

Where is Nifty headed?

‘’Nifty, experienced a range-bound trading pattern. Despite this, the bulls managed to defend the support level of 19,300, preventing a significant decline. However, the hourly RSI indicated a bearish crossover,” said Rupak De, Senior Technical analyst at LKP Securities

‘’This suggests a potential shift towards a downward trend. If the support level of 19,300 is breached, a correction in the market may be expected. On the upside, resistance levels are anticipated around 19,450-19,500,” added De.

Updated: 10 Jul 2023, 06:28 PM IST