Foreign institutional investors (FIIs) kick-started the month of July by investing nearly ₹1,996 crore in Indian stocks on Monday. The FIIs now are net buyers for the fourth consecutive day. On the other hand, domestic institutional investors (DIIs) were net sellers. The performance comes when Sensex and Nifty 50 hit new lifetime highs of 65,300.35 and 19,345.10 respectively.
As per NSE data, cumulatively on July 3rd, FIIs’ buying value stood at ₹7,533.91 crore and the selling value was at ₹5,537.99 crore. Hence, they pumped in ₹1,995.92 crore in Indian equities. On the contrary, DIIs purchased equities worth ₹7,031.90 crore but offloaded ₹7,369.70 crore, registering an outflow of ₹337.80 crore.
Today, Sensex ended at 65,205.05, surging by 486.49 points or 0.75%. While Nifty 50 jumped by 133.50 points or 0.7% to settle at 19,322.55. Broad-based buying was across indices with small-cap and heavyweights seeing stellar gains. Oil & gas and banking stocks were top performers. However, IT, healthcare, auto, and capital goods stocks were top laggards.
Ajit Mishra, SVP of Technical Research, at Religare Broking while talking on the market performance said, “Markets edged higher in continuation to the prevailing trend and gained over half a percent. Upbeat global cues triggered a firm start and rotational buying across heavyweights kept the tone positive till the end. Consequently, the Nifty index settled closer to the day’s high at 19,322.55 levels; up by 0.70%. Most of the sectoral indices traded in line with the benchmark wherein energy, FMCG, and metal were among the top gainers. Meanwhile, the broader indices traded mixed wherein midcap ended flat but smallcap gained over a percent.”
It was further added by him on Tuesday’s trade that “We may see a breather in Nifty after the recent surge and it would be healthy. The existence of a hurdle at the 19,350 level combined with overbought reading may prompt traders to book some profit. However, any intermediate dip should be considered as a buying opportunity so traders should keep their list of preferred stocks ready.”
Both FIIs and DIIs, on Friday, last week were net buyers with an investment of ₹6,397.13 crore and ₹1,197.64 crore respectively.
According to Stock Edge data, FIIs made a strong buying of ₹27,250.01 crore in Indian stocks. Also, DIIs closed the month as buyers with an inflow of ₹4,458.23 crore overall in the month of June.
