FIIs buying trend continues in Indian stocks, inflow of ₹1,758 crore seen on May 29; DIIs also net buyers
FIIs continued its buying spree in Indian market, while DIIs followed suit. On Monday, Sensex and Nifty 50 neared to their all-time highs, driven by robust buying from both these institutional investors.
PremiumForeign institutional investors (FIIs) continued on their buying spree in Indian markets on the third-last day of May month. Notably, domestic institutional investors (DIIs) have followed a similar pattern since last week. On Monday, FIIs invested over ₹1,758 crore, and DIIs pumped in nearly ₹854 crore as Sensex and Nifty 50 moved closer to their lifetime highs.
As per NSE data, FIIs buying value was at ₹7,767 crore and selling value at ₹6,008.84 crore -- registering an inflow of a massive ₹1,758.16 crore on Monday.
Along these lines, DIIs purchased equities worth ₹6,217.74 crore but also carried a selling of ₹5,364.17 crore -- hence recording an inflow of ₹853.57 crore.
Read here: IRCTC Q4 results: PAT jumps 30% YoY to ₹279 crore; final dividend for FY23 declared
FIIs have been buyers in the Indian market in the majority of May month, except for one selloff of ₹113.46 crore that was witnessed on May 19th. DIIs have shown a consistent appetite for equities since May 19th.
Today, Sensex closed at 62,846.38, surging by 344.69 points or 0.55%. While Nifty 50 jumped by 99.30 points or 0.54% to close at 18,598.65. Consumer durables stocks outperformed today, followed by auto, banking, and metal stocks. However, oil & gas stocks were among the laggards.
The 30-scrip benchmark has touched an intraday high of 63,026, and the 50-scrip benchmark clocked the day's high of 18,641.20. They are moving closer to their historic highs of 63,583.07 and 18,887.60 respectively.
Read here: Nvidia Mcap nears $1 trillion: Top 5 things to know about the US chipmaker
On the latest performance, Rohan Shah, head technical analyst at Stoxbox said, "Today, the NiftyIT Sector is the top loser; while the NiftyMetal sector is top gainer." He added, in terms of gains on the Nifty index, M&M, Titan, and HCL Tech led. While the three top losers on Nifty were ONGC, Powergrid, and BPCL
For Tuesday's trading session, Shah said, "Intraday traders can look for long opportunities above 18,650 if the closing comes above 18,650 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 18,400 level & remains below for 15 min to ensure short."
So far in May month, FIIs buying is to the tune of ₹22,364.96 crore, however, DIIs are broadly sellers in the current month with an outflow of ₹338.90 crore. If DIIs continue to buy equities in the last two trading sessions of May (30th and 31st), there is a high chance that DIIs as well could end the current month as net buyers.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
