Foreign Institutional Investors continued their buying spree of Indian shares for the fifth straight session on Wednesday. FIIs were net buyers to the tune of Rs 807 crore in the cash markets today, provisional data from exchanges showed. The Sensex and Nifty ended with strong gains on Wednesday. The Sensex ended the session higher by 582 points at 59,689, while the Nifty-50 ended higher by 159 points at 17,557. Nifty Bank surged 186 points in of trade, led by gains in HDFC Bank and Bandhan Bank.
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Flows from DIIs however remaimed negative on Wednesday too as they net sold shares worth Rs 947 crore, provisional data from exchanges showed. In March, DIIs were net buyers of shares worth Rs 30,548 crore. Experts believe that the valuations at 19x currently have become attractive for investors looking into India and hence a sharp rally can be seen going forward from hereon.
The RBI Monetary Policy event remains a key event to watch out for investors tomorrow, said experts. A 25 bps rate hike by the central bank is largely priced in by the market.
