Foreign Institutional Investors continued their momentum and drove indian markets higher for the eighth straight session. The Sensex ended the session higher by 311 points at 60,157, while the Nifty-50 ended higher by 98 points at 17,722. Nifty Bank surged higher by 531 points at 41,366. FIIs on Tuesday bought shares worth Rs 342 crore in the cash market, provisional data from exchanges showed.
Flows from DIIs turned negative again as they sold shares worth Rs 264 crore, provisional data from exchanges showed. In the last eight trading sessions, FIIs have bought Indian equities worth more than Rs 5,962 crore, data from exchanges showed.
Nifty has gained for seventh consecutive day supported by FIIs being consistent buyers. We expect market to remain positive to sideways with start of Q4 earning season. Investors would watch for release of inflation data by US, China and India to get cues on central bank action. Investors will also await FOMC meeting minutes for further insights, according to Siddhartha Khemka of Motilal Oswal Financial Services.
