Tuesday trade: FIIs invest ₹1,406.86 crore in Indian market on 16 May, DIIs sell ₹886.17 crore; check details | Mint
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Business News/ Markets / Stock Markets/  Tuesday trade: FIIs invest 1,406.86 crore in Indian market on 16 May, DIIs sell 886.17 crore; check details
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Tuesday trade: FIIs invest ₹1,406.86 crore in Indian market on 16 May, DIIs sell ₹886.17 crore; check details

Despite starting the day strongly, the 30-share BSE Sensex dropped 413.24 points or 0.66% to close at 61,932.47. It dropped 498.3 points, or 0.79%, to 61,847.41 over the day. The NSE Nifty finished at 18,286.50 after falling by 112.35 points or 0.61%.

The benchmark equity indices, the Sensex and the Nifty, declined on May 16 due to profit taking in a few large companies.Premium
The benchmark equity indices, the Sensex and the Nifty, declined on May 16 due to profit taking in a few large companies.

For a straight fourteen days in a row, foreign institutional investors (FIIs) bought shares of Indian companies worth a whopping 1,406.86 crore on Tuesday. On the other hand, domestic institutional investors (DIIs) sold shares worth 886.17 crore today.

The benchmark equity indices, the Sensex and the Nifty, declined on May 16 due to profit taking in a few large companies, notably the HDFC twins and Reliance Industries (RIL), despite mixed global cues as investors anticipated a quick resolution to the dispute over the US government's borrowing ceiling.

As per NSE data, on May 16, FIIs' buy value was at 7,783.16 crore and sell value at 6,376.30 crore -- resulting in an inflow of 1,406.86 crore.

While DIIs buying value stood at 6,138.61 crore and selling value at 7,024.78 crore -- recording an outflow of 886.17 crore from Indian stocks in the day.

In the previous session, FIIs infused 1,685.29 crore, and DIIs bought 191.20 crore.

FIIs have been buying domestic equities since April 26th, while DIIs have shown a mixed performance.

Monday trade: FIIs invest 1,685.29 crore in Indian market on 15 May, DIIs invest 191.20 crore; check details

Despite starting the day strongly, the 30-share BSE Sensex dropped 413.24 points or 0.66% to close at 61,932.47. It dropped 498.3 points, or 0.79%, to 61,847.41 over the day.

The NSE Nifty finished at 18,286.50 after falling by 112.35 points or 0.61%.

"Markets took a breather as profit-taking emerged as the key factor which dragged the Sensex below the psychological 62,000 mark. While strong FII buying and upbeat domestic economic readings had been aiding the rally over the past few weeks, global uncertainty over interest rate movement and slackening demand would prompt investors to book profit at regular intervals," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

The BSE midcap gauge and smallcap index both increased in the overall market by 0.18 and 0.12%, respectively.

The following indices saw declines: auto (-0.97%), financial services (-0.53%), consumer discretionary (-0.38%), bankex (-0.36%), and commodities (-0.34%).

Gainers included the industries of industrials, IT, telecommunication, capital goods, oil & gas, and power.

According to Rohan Patil, Technical Analyst, SAMCO Securities, Nifty on 16th May witnessed a flat opening and corrected from the highs and formed a bearish engulfing candle stick pattern on the daily time frame. On the intraday chart, Nifty traded in a structural bear market lower high lower low formation and closed below 18,300 with a loss of 0.61%. The momentum oscillator has reached an overbought zone near 75 levels and hooked down thereafter.

"In the past few weeks, markets practically saw a one-sided buying activity from 17,600 levels which has completely changed the texture of the market sentiment to bullish. Due to an overbought technical structure, extended profit booking at the current level cannot be ruled out.

For bulls, 18,400-18,450 would act as immediate resistance zones, while 18,100-18,050 would act as key support zones. Fresh buying momentum could be seen only above the level of 18,450," added Patil.

Weekly trade: FII invests 7,750 cr in Indian equities this week, DIIs sold 1,262 cr

 

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Published: 16 May 2023, 07:40 PM IST
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