Foreign Institutional Investors drove the Indian markets higher on Wednesday. FIIs were net buyers to the tune of Rs 1,245 crore in the cash markets today, provisional data from exchanges showed. The Sensex and Nifty ended with strong gains led by solid flows from foreign and domestic institutional investors. The Sensex ended 346 points higher at 57,960, while the Nifty today ended at 17,080, up 129 points. The Nifty Bank too ended higher by 342 points at 39,910.
With today’s buying, FIIs now remain net buyers of Indian equities, to the tune of Rs 1,639 crore in March. Flows from DIIs also remained positive on Wednesday as they bought shares worth Rs 823 crore, provisional data from exchanges showed. So far this month, DIIs have remained net buyers of Indian equities, lapping up shares worth more than Rs 28,000 crore.
“On an F&O expiry day, NSE cash market volumes were the highest in 6 months while NSE F&O volumes were the lowest in 3 months. Global equities were mostly up on Wednesday as easing concerns over the banking sector revived risk appetite, while Alibaba’s plans to split into six units lifted Chinese tech stocks.
Nifty, as expected, seems to have made a short term bottom. It has closed at the highest in 5 days. 17207-17255 could be the next resistance for Nifty while 16985 could be a support,” said Deepak Jasani of HDFC Securities.
