Foreign Institutional Investors continued their buying momentum, buying shares worth Rs 1,907 crore in the cash markets on Wednesday, provisional data from exchanges showed. Aided by strong flows, the Sensex ended the session higher by 235.05 points at 60,392, while the Nifty-50 ended higher by 90 points at 17,812. Nifty Bank surged 191 points at 41,557. FIIs on Tuesday had bought shares worth Rs 342 crore in the cash market, provisional data from exchanges showed.
Flows from DIIs remained negative again as they sold shares worth Rs 225 crore, provisional data from exchanges showed. Flows from foreign institutional investors have now remained buoyant for nine straight sessions, taking their total buying in these sessions to Rs 7,866 crore.
Expectation of healthy Q4FY23 earning season and FIIs being net buyers to the tune of Rs.2800cr in month-till-date, helped domestic indices to gain strength. Nifty has been up ~4% in last eight trading session and we expect this momentum to continue going forward, according to Siddhartha Khemka of Motilal Oswal Financial Services.
