Foreign Institutional Investors in a surprise move on Tuesday turned net buyers of Indian equities after 4 straight sessions of heavy selling. FIIs were net buyers to the tune of Rs 1,531 crore in the cash markets today, provisional data from exchanges showed. The Sensex and Nifty ended mildly in the red on Tuesday, after swinging between gains and losses throughout the session. The Sensex ended 40 points lower at 57,613, while the Nifty today ended at 16,951, down 34 points. The Nifty Bank today ended at 39,567, up 136 points.
After buying shares worth more than Rs 1,500 crore today, So far in March, FIIs have now turned net buyers of Indian equities, to the tune of Rs 394 crore. On the other hand, DIIs were net sellers in the cash market on Tuesday of shares worth Rs 156 crore, provisional data from exchanges showed. So far this month, DIIs have remained net buyers of Indian equities, lapping up shares worth Rs 27,245 crore.
According to market watchers, the markets will track the US and UK GDP data, while back home, the F&O expiry on Wednesday will be a key trigger. “ There are no clear cues from the global markets, as they remain cautious due to the ongoing banking crisis amidst the rising interest rate environment. Investors would also watch for US & UK GDP data, which could provide some cues. On domestic front, monthly FNO expiry on Wednesday could keep the markets volatile given the high FII short positions,” said Siddhartha Khemka of Motilal Oswal Financial Services.