Foreign Institutional Investors in a surprise move, yet again, turned net buyers of Indian equities after seven straight sessions of selling. According to data available on exchanges, FIIs bought shares worth Rs 1,257 crore in the cash markets, against Rs 412 crore worth of shares sold in Tuesday’s trading session. Led by positive flows, the Sensex ended higher by 169 points at 60,300, while the Nifty ended at 17,813, up 44 points.
Flows from DIIs however turned negative as they sold shares worth Rs 227 crore, provisional data from exchanges showed. Flows from both foreign institutional investors and domestic institutional investors so far in April remain positive as of today’s close. FIIs net buy shares worth Rs 754 crore in the month so far, while DIIs net buy shares worth Rs 1,855 crore.
“The market has shown strength for the last three consecutive days and Nifty is now closer to its higher end of the trading band placed around 17800 – 17850. On the results front, Banking and now Auto, FMCG companies have reported strong numbers providing much-needed support to the market. Over the next few days, many heavyweights would be announcing their numbers, which would drive the market direction,” said Siddhartha Khemka of Motilal Oswal Financial Services.
