Foreign Institutional Investors continued to heavily add Indian equities for the third straight session on Friday, driving the markets higher in the last hour of trade. According to data available on exchanges, FIIs bought shares worth Rs 3,304 crore in the cash markets, against Rs 1,652 crore worth of shares bought in Thursday’s trading session. The Nifty managed to surpass the 18,000 level in trade on Friday, led by strong buying in index heavyweights.
Flows from DIIs too remained positive as they bought shares worth Rs 264 crore, provisional data from exchanges showed. Flows from both foreign institutional investors and domestic institutional investors in April remained positive. FIIs net bought shares worth Rs 5,711 crore in the month, while DIIs net added shares worth Rs 2,216 crore.
“Domestic equities are continuously gaining strength for the last five days supported by healthy Q4 earnings, declining VIX and FIIs turning positive. Nifty showed resilience despite global headwinds gaining over 4% in April – the best in 5 months and managing to close above the crucial 18,000 mark. We expect this momentum to continue and expect Nifty to head towards 18200 zones.” said Siddhartha Khemka of Motilal Oswal Financial Services.
