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Business News/ Markets / Stock Markets/  FIIs buy 1,186 crore worth equities on 24 May; DIIs pump in 301 crore
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FIIs buy ₹1,186 crore worth equities on 24 May; DIIs pump in ₹301 crore

Both FII and DII were net buyers on Wednesday despite Sensex and Nifty 50 closing in the red. Markets were lower on the back of muted global cues, stalled US debt ceiling negotiations, rising bond yields, and Fed's hawkish comments.

On Wednesday, profit booking in Adani stocks coupled with a decline in HDFC twins, banking, and financial stocks dragged the performance.Premium
On Wednesday, profit booking in Adani stocks coupled with a decline in HDFC twins, banking, and financial stocks dragged the performance.

Inflow from foreign institutional investors (FIIs) continue in Indian equities on Wednesday. Similarly, domestic institutional investors also followed the trend however at a slower pace. Both FIIs and DIIs were net buyers despite benchmarks Sensex and Nifty 50 closing in the red.

As per NSE data, FII buying value stood at 8,548.49 crore, and selling value was at 7,362.65 crore in Indian equities on May 24th --- registering an inflow of 1,185.84 crore.

Meanwhile, DIIs overall inflow stood at 300.93 crore by the end of market hours. They purchased 5,880.82 crore worth of equities but also sold 5,579.89 crore.

On May 24th, Sensex moved away from its critical 62,000 mark to end at 61,773.78 down by 208.01 points or 0.34%. Nifty 50 closed at 18,285.40 lower by 62.60 points or 0.34%.

Read here: LIC reports impressive 447.5% growth in Q4 consolidated PAT to 13,191 crore; declared dividend

In the broader markets, midcap and smallcap stocks witnessed a slight upside. In terms of sectoral indices, consumer durables stocks outperformed with the index on BSE rising over 511 points followed by the healthcare index which gained by 170 points. Banking and financials were top laggards.

Ajit Mishra, VP - of Technical Research, at Religare Broking said, "Markets traded volatile and settled marginally lower, taking a breather after the recent up move. After the initial downtick, the Nifty oscillated in a range and finally settled around the day’s low at 18,285.40 levels. Most sectors traded in sync with the trend and ended lower wherein metal, banking, and financials were among the top losers. Meanwhile, the outperformance continued from the broader front as they managed to end flat to marginally in the green."

Read here: Trident Q4 Results: Net profit declines 28% to 129 crore, dividend declared; key highlights here

FIIs inflow was at 182.51 crore on Tuesday, while DIIs inflow was to the tune of 604.57 crore.

Going ahead, Mishra added, "With the major earnings behind us, participants are eyeing global markets for cues but they’re not offering any clarity as of now. In between, sectors like banking and financials, which have considerable weight in the index, are largely dominating the move. While the tone is still positive, we feel participants should limit positions and wait for further clarity."

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Published: 24 May 2023, 11:09 PM IST
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