Foreign Institutional Investors continued their buying momentum in the Indian markets on Thursday, leading to sharp recovery in the last hour of trade. FIIs bought shares worth Rs 221 crore in the cash markets today, provisional data from exchanges showed. Led by a sharp surge in banking stocks, the Sensex managed to end the session higher by 38 points at 60,431. The Nifty ended at 17,828, up 15 points on Thursday. Nifty Bank surged 574 points to end at 42,132. FIIs on Wednesday had bought shares worth Rs 1,907 crore in the cash market, provisional data from exchanges showed.
Flows from DIIs remained negative again as they sold shares worth Rs 273 crore, provisional data from exchanges showed. Flows from foreign institutional investors have now remained buoyant for ten straight sessions, taking their total buying in these sessions to Rs 8,081 crore.
Nifty made a marginally higher top on April 13 compared to the previous day and managed to close higher. It could make some more attempts to rise in the coming sessions, however profit taking after such a relentless rise may be expected. Nifty could face resistance in the 17884-17925 band while 17717 could offer support for the near term, according to Deepak Jasani of HDFC Securities.
