BackFII DII: Markets end lower as investors take profits; FIIs continue to buy, details here
FIIs invested ₹3,370.90 crore while DIIs sold shares worth ₹193.02 crore. Domestic equities fell as investors booked profits, with IT, FMCG, and energy sectors suffering the most. Sensex dropped 1.31% to 66,684.26, Nifty declined 1.17% to 19,745. Infosys, HUL, RIL, and TCS were major drags.
PremiumForeign institutional investors (FIIs) invested a net total of ₹3,370.90 crore in the purchase of shares, while domestic institutional investors (DIIs) sold shares for a net total of ₹193.02 crore.
FIIs purchased shares worth a net of 19,696.66 crore rupees for the month up to July 21, while DIIs sold shares worth a net of 10,196.92 crore rupees. As investors took profits, the domestic equities barometers crashed on Friday, snapping a six-day winning trend. The Nifty dropped throughout the day, closing at roughly 19,745 levels after a lower opening price. The reduction was seen in a number of industries, with the IT industry suffering the greatest losses, followed by FMCG and energy corporations.
The overall sentiments of the market was however mixed by the varied performance of the broader indices, which represent a wider range of stocks. After the Q1 results, Infosys and HUL fell. A key index component, Reliance Industries (RIL), also experienced a decline ahead of its Q1 results, which are expected later today.
The barometer index, the S&P BSE Sensex slumped 887.64 points or 1.31% to 66,684.26. The Nifty 50 index declined 234.15 points or 1.17% to 19,745. In the past six consecutive sessions, the Sensex climbed 3.33% while the Nifty advanced 3.07%. In the broader market, the S&P BSE Mid-Cap index shed 0.26% while the S&P BSE Small-Cap index rose 0.13%.
Infosys (down 8.18%), Hindustan Unilever (down 3.65%), Reliance Industries (down 3.19%) and TCS (down 2.68%) were major drags. The market breadth was negative. On the BSE, 1,615 shares rose and 1,773 shares fell. A total of 126 shares were unchanged. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.54% to 11.49.
Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, "Domestic equities took a pause just before the 20k zones. Nifty opened lower dragged by selling in IT heavyweights after Infosys lowered its FY24 growth guidance. Nifty closed with a loss of 234 points (-1.2%) at 19745 levels. Broader markets were mixed with the Nifty midcap 100 down -0.4% while the Nifty smallcap 100 was up +0.7%. Except for PSU Bank and Auto, all sectors ended in red. IT, Consumer Durables, and FMCG were major laggards. All eyes will be on the US Fed and ECB policy meeting next week. Investors would also take cues from various macro data that would be released. With the result season picking up pace, we expect a lot of stock-specific action and provide direction to domestic equities in the coming week. Apart from Index heavyweight Reliance, Banking sector is also likely to be in focus as ICICI Bank and Kotak Bank would announce results over the weekend.
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