FIIs inflow rises to ₹2,086 crore on 30 May; DIIs halt 7-consecutive days buying spree
2 min read 30 May 2023, 07:52 PM ISTFIIs bought equities worth nearly ₹2,086 crore ($284m) on May 30th. Meanwhile, DIIs sold equities about ₹439 crore on the same day. The Sensex closed at 62,969.13, up 0.20%, while the Nifty 50 rose 0.19% to 18,633.85.
PremiumForeign institutional investors (FIIs) extended their buying momentum to nearly ₹2,086 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) halted their seven consecutive days winning streak and turned into net sellers with an outflow of nearly ₹439 crore. Despite a volatile performance, Sensex ended near its psychological 63,000 mark and Nifty 50 stretched as far as over 18,630 levels. Overall, the markets performed on a positive note.
As per NSE's data, FIIs buying value was at ₹9,789.47 crore and the selling value stood at ₹7,703.85 crore in Indian equities on the May 30th trade. Hence, FIIs bought ₹2,085.62 crore worth of equities.
On the other hand, the DIIs selling value of ₹6,375.96 crore ---- surpassed the buying value of ₹5,937.03 crore -- resulting in an outflow of ₹438.93 crore in the day.
Today, after hitting an intraday high of 63,036.12, Sensex closed at 62,969.13 up by 122.75 points or 0.20%. Nifty 50 too ended near its day's high of 18,662.45, to 18,633.85 up by 35.20 points or 0.19%. Auto stocks were the top gainers, while consumer durables and metal stocks faced significant heat from bears.
Read here: Gold prices hit over 2-month low; should you start accumulating bullion?
According to S Ranganathan, Head of Research at LKP securities, on a day when the Volatility Index dropped below 12, it was an eventful trading session today as the month of May has witnessed cash market volumes surging towards a six-month high as the return of FII's pepped up domestic investors in search of Alpha in a month which defied the usual ' Sell in MAY and Go Away ' rhetoric.
He added, "As markets shrugged away inflation, supply-chain disruptions and a slowdown in certain discretionary spends, buoyant FII inflows of ₹450bn since April has powered the Bank Nifty to its yearly-high today ahead of the MSCI rejig tomorrow. The sight of 63K on the BSE SENSEX today was indeed music to Bulls who made Hay in May."
In the previous session, both FIIs and DIIs were net buyers with an inflow of ₹1,758.16 crore and ₹853.57 crore respectively.
Before selling on Tuesday, DIIs held a buying spree from May 19th to 29th. FIIs have held the buying momentum since May 19th.
Read here: Top gainers, losers today: Bajaj twins, ITC, Hindalco, Adani Enterprises, Dilip Buildcon; check full list here
Going ahead, Ajit Mishra, SVP - Technical Research, Religare Broking said, "Markets are gradually inching towards the record high however mixed global cues are capping the momentum. We feel the scenario may continue and that may keep the traders guessing on the sustainability of the trend. Having said that, traders should maintain a positive tone till Nifty holds 18,250 and proactively manage their positions."
To investors, during Wednesday's trading session, Rohan Shah, head technical analyst at Stoxbox said, "intraday traders can look for long opportunities only above 18,700 if the closing comes above 18,700 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 18,500 level & remains below for 15 min to ensure short."
So far in May month, FIIs inflow stood at ₹24,450.58 crore --- highest monthly buying of 2023. On the contrary, DIIs are net sellers in the current month with an outflow of ₹777.83 crore.
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.
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