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FIIs pump in ₹933 crore in Indian stocks on 22 May; DIIs inflow at ₹605 crore

FIIs returned back to be being buyers in Indian equities on Monday, while DIIs also held a positive sentiment. Sensex and Nifty 50 closed on a higher note as investors observed the progress in US debt ceiling. IT stocks outperformed.

So far in May, FIIs have invested a whopping  ₹18,299.20 crore in Indian equities -- which is currently the highest monthly buying of 2023. Premium
So far in May, FIIs have invested a whopping 18,299.20 crore in Indian equities -- which is currently the highest monthly buying of 2023.

Foreign institutional investors (FIIs) went back to buying on Monday with an inflow of nearly 923 crore recorded in Indian equities. Domestic institutional investors (DIIs) have maintained the momentum of buying as well for second consecutive day. Indian equities surged as participants observed the progress in US debt ceiling globally. Sensex inched closer to 62,000 mark, while Nifty 50 stayed firm over 18,300 levels.

As per NSE data, FIIs buy value was at 6,956.61 crore and sell value at 6,033.72 crore in Indian equities on May 22nd --- registering an inflow of 922.89 crore.

Meanwhile, DIIs purchase value was at 5,486.82 crore and selling value at 4,882.25 crore -- recording an inflow of 604.57 crore.

Last week, on Friday, FIIs made their first selling in May month with an outflow of 113.5 crore in the equities. However, DIIs pumped in 1,071.35 crore.

In regards to Indian benchmarks, Sensex closed at 61,963.68, surging by 234 points or 0.38%. On the other hand, Nifty 50 jumped by 111 points or 0.61% to end at 18,314.40.

On May 22nd, a broad-based buying was seen across the board with IT stocks outperforming. Significant gains were also seen in capital goods, consumer durables, healthcare, metals, and oil & gas stocks. However, banking stocks were under pressure after RBI announced the withdrawal of 2000 banknotes --- which accounts 10.8% of India's currency in circulation.

About 1,773 stocks advanced, while 1,843 stocks declined and 172 stocks unchanged. Meanwhile, 135 stocks touched a new 52-week high and 56 stocks hit a fresh 52-week low today.

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Ajit Mishra, VP - Technical Research, Religare Broking said, “Markets started the week on a firm note and gained over half a percent, in continuation to Friday's rebound. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein stocks from IT, metal and pharma space witnessed rebound while the banking and financials were slightly on the back foot."

So far in May, FIIs have invested a whopping 18,299.20 crore in Indian equities -- which is currently the highest monthly buying of 2023. On the contrary, DIIs have removed their money to the tune of 4,070.11 crore.

For Tuesday's trading session, Mishra said, "Markets are taking comfort from rotational buying across sectors amid mixed global cues. The recent participation from the IT majors is certainly encouraging but sustainability would be the key ahead. Amid all, we reiterate our positive view and suggest continuing with the stock-specific trading approach."

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According to Mitul Shah - Head of Research at Reliance Securities, earnings season is at its fag end. The sample of NSE 500 companies which have reported their results so far shows aggregate revenue growth of 15.3% YoY. Lower inflation and industrial growth provides room for the RBI to continue with its pause in the rate hiking cycle. The decline in WPI bodes well for the CPI in future months as lower raw material prices are passed through by the producers to the consumers which will also help in reviving slowing consumption.

 

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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Updated: 22 May 2023, 11:20 PM IST
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