FIIs snap 10-consecutive days buying spree, sells ₹1,242 cr in Indian stocks on 12 July; DIIs turn as net buyers

Foreign institutional equities (FIIs) halted their ten-consecutive days of buying spree on Wednesday and turned into as net seller with an outflow of over ₹1,242 crore. On the contrary, domestic institutional investors (DIIs) emerged as net buyers with an inflow of nearly ₹437 crore in Indian stocks. Sensex and Nifty 50 closed in red as traders were cautious over IT earnings and macroeconomic data.

As per the NSE data, cumulatively, FIIs buying value in the Indian market stood at ₹18,217.66 crore on July 12, while their selling value was at ₹19,460.10 crore. Hence, they were net sellers with an outflow of ₹1,242.44 crore.

On the other hand, DIIs purchased equities worth ₹15,051.19 crore while they offloaded ₹14,614.48 crore -- registering an inflow of ₹436.71 crore.

During July 12th trading session, Sensex ended at 65,393.90, down by 223.94 points or 0.34%, while Nifty 50 settled at 19,384.30 lower by 55.10 points or 0.28%. IT stocks were top laggards with a substantial drop also seen in banking and consumer durables shares. Broadly, the market lacked optimism factors. However, midcap and small-cap stocks outperformed benchmarks.

Talking about the market's performance, Ajit Mishra, SVP - Technical Research, Religare Broking said, "Markets remained volatile for yet another session and settled lower, in continuation to the prevailing consolidation phase. After the initial uptick, Nifty hovered in a narrow range for most of the session however a sharp dip in the last hour pushed the index in the red. Consequently, it settled closer to the day’s low at 19378 levels. The tone was subdued on the sectoral front however positivity on the broader front kept the traders busy."

In the previous session, FIIs invested ₹1,197.38 crore in Indian stocks, while DIIs showed dull demand with an outflow of ₹7.25 crore.

For Thursday's trade, Mishra added, "Indications are in favor of further consolidation in the index so participants have no option but to focus on stock-specific opportunities. The recent surge in the US markets is encouraging but we need sustainability of the move. Meanwhile, Nifty has been hovering within the 19300-19550 zone and either side break would offer cues over the next directional move."