FIIs extend buying in Indian equities on June 7, pumps in nearly ₹1,383 crore; DIIs also invest ₹392 crore
FIIs and DIIs were net buyers with an inflow of over ₹1,383 crore and ₹392 crore, respectively, in Indian equities on June 7th. Sensex and Nifty 50 rallied by nearly a percent with midcap and small-cap stocks shining.
PremiumForeign institutional investors (FIIs) extended their buying on Wednesday to the tune of ₹1,383 crore in Indian equities. In a surprising trend, domestic institutional investors (DIIs) also emerged as net buyers with an inflow of more than ₹392 crore in equities. Sensex and Nifty 50 rallied by nearly a percent with midcap and small-cap stocks shining.
As per the NSE data, FIIs buying value was at ₹9,569.91 crore and selling value at ₹8,187.34 crore --- resulting in an inflow of ₹1,382.57 crore in Indian stocks. This would be the second consecutive day of buying by FIIs.
Meanwhile, DIIs purchased ₹5,931.80 crore worth of equities, while they offloaded ₹5,539.50 crore. Hence, their buying today was at ₹392.30 crore.
On June 7th, broad-based buying across indices led to Sensex ending at 63,142.96 up by 350.08 points or 0.56%. While Nifty 50 ended at 18,726.40 up by 127.40 points or 0.68%.
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Talking about market performance, Ajit Mishra, SVP - of Technical Research, Religare Broking said, "Markets edged higher and gained over half a percent amid mixed cues. After the initial uptick, Nifty traded in a narrow band in the first half however noticeable buying in select index heavyweights helped the index to cross 18,700. Most sectors traded in sync with the benchmark and ended higher wherein realty, metal, energy, and FMCG were the top gainers."
He added, "Amid all, the continued buoyancy on the broader front was the key highlight as both midcap and smallcap index gained over a percent each."
On Tuesday, FII halted its losing streak with an investment of ₹385.71 crore, while DIIs also erased 3 consecutive days of buying spree to turn into net sellers with an outflow of ₹489.02 crore.
However, ahead of RBI's policy on June 8th, both FIIs and DIIs are net buyers.
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Last month, FIIs made their biggest monthly buying of 2023 as of now, to ₹27,856.48 crore. However, DIIs were net sellers with an outflow of ₹3,306.35 crore, as per Stock Edge data.
Going ahead, Mishra said, “Nifty has finally surpassed the hurdle at 18,700 but the prevailing underperformance of the banking pack is still weighing on the sentiment. We may see choppiness due to the outcome of the MPC’s policy meeting and scheduled weekly expiry on Thursday. Amid all, we reiterate our positive view and suggest focusing on identifying opportunities from the leading sectors."
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