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Business News/ Markets / Stock Markets/  FIIs invest 164 crore in Indian equities, DIIs infuse 1,938 crore as Sensex, Nifty scale lifetime highs
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FIIs invest ₹164 crore in Indian equities, DIIs infuse ₹1,938 crore as Sensex, Nifty scale lifetime highs

As per the NSE data, FIIs cumulatively bought ₹33,124.28 crore of Indian equities, while they sold ₹32,959.86 crore --- resulting in an inflow of ₹164.42 crore.

FIIs invested ₹164 crore in Indian equities on September 15Premium
FIIs invested 164 crore in Indian equities on September 15

Foreign institutional investors (FIIs) have shifted gears and invested in Indian equities for the second straight session on Friday, September 15, after domestic equity benchmarks Sensex and Nifty scaled to lifetime highs. The domestic institutional investors (DIIs) were also net buyers and infused 1,938.57 crore in Indian stocks today.

As per the NSE data, FIIs cumulatively bought 33,124.28 crore of Indian equities, while they sold 32,959.86 crore --- resulting in an inflow of 164.42 crore. Meanwhile, DIIs infused 12,082.64 crore and offloaded 10,144.07 crore, registering an outflow of 1,938.57 crore.

Also Read: Top gainers, losers today: M&M, HCL Tech, Asian Paints, HUL among most active stocks; check full list

On Friday, domestic equity benchmarks Sensex and Nifty climbed to fresh lifetime highs, propelled by a rally in global markets and renewed foreign capital inflows. Sensex closed at 67,838.63, up 320 points, or 0.47 per cent, while the Nifty settled at 20,192.35, rising 89 points, or 0.44 per cent. 

Both indices ended at their fresh closing highs. The Sensex rose for the eleventh straight session, adding 4.64 per cent over the period, logging its longest series of daily gains since October 3, 2007. On the weekly front, the BSE benchmark jumped 1,239.72 points or 1.86 per cent, and the Nifty climbed 372.4 points or 1.87 per cent.

Besides, buying in telecom, auto and tech stocks also helped markets to settle with gains, said traders. Auto stocks climbed 1.58 per cent to a record high, powered by a 5.9 per cent jump in Bajaj Auto after BofA Global Research upgraded the stock to "buy" from "neutral". The high-weightage IT index rose 0.94 per cent, helped by rising expectations of a rate hike pause from the US Federal Reserve next week.

FIIs renewed buying interest: Will the momentum continue?

Analysts reckon that even though the undercurrent of the market is bullish the high valuations and new risks like surging crude and rising dollar index can impact the market negatively. Brent crude at $94 is a major macro worry which the market cannot ignore for long. 

‘’The rising dollar index which has breached 105 and the attractive US bond yields (10-year at 4.28 per cent) will force the FIIs to sell aggressively soon,'' said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Where is Nifty headed?

Analysts observed that Nifty has been scaling new highs over the last few sessions as the sentiments strengthened post the successful G-20 execution which is likely to bolster India’s economy in the global arena. 

Further lower CPI and wholesale inflation in India are comforting amidst the global inflationary scenario. ‘’Thus we expect the overall positive momentum to continue especially in the large cap while sectoral rotation is likely to be seen in the broader market,'' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Rupak De, Senior Technical Analyst at LKP Securities said that Nifty continued to exhibit strength as the index reached new highs. ‘’Strong Put writing at 20,100 has further bolstered positive sentiment in the market. The trend is expected to remain positive as long as the Nifty remains above the 20,000 mark. In the short term, there is potential for the Nifty to move towards the 20,480-20,500 range on the upside,'' said De.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 15 Sep 2023, 08:50 PM IST
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