Foreign Institutional Investors (FIIs) continued their buying spree on Tuesday, November 28, as frontline indices the Sensex and the Nifty 50 ended with gains, snapping their two-day losing run despite weak global cues.
FIIs on Tuesday sold valuable stocks of Indian companies ₹13,690.47 crore and bought shares for ₹14,474.29 crore, resulting in an inflow of ₹783.82 crore, according to NSE data.
On the other hand, Domestic Institutional Investors (DIIs) have been buying value stocks ₹8,088.70 crore worth and downloaded shares ₹6,763.72 crore, resulting in an inflow of ₹1,324.98 crore, the exchange data showed.
Last week on November 23, FII sold cumulatively ₹7,093.19 crore and bought over ₹7,348.72 crore, resulting in an outflow of ₹255.53 crores. Meanwhile, DIIs infused ₹6,234.47 crore and unloaded ₹457.39 crores, recording an inflow of ₹721.24 crores.
Nifty 50 today opened at 19,844.65, 50 points higher from the previous close of 19,794.70, and traded in a range for most of the session. However, fag-end buying helped the benchmark market finish with decent gains.
Mid and small cap indices also ended in the green on Tuesday. The BSE Midcap index rose 0.30 percent while the Smallcap index rose 0.06 percent.
The overall market capitalization of the companies listed on the BSE rose almost ₹331.1 lakh crores from nearly ₹328.7 lakh crore in the previous session, making investors richer by approx ₹2.4 lakh crores in a single session.
FIIs have been shedding Indian stocks since October, driven by historically high US bond yields, the strengthening dollar index and geopolitical uncertainties stemming from the Israel-Hamas conflict. These combined factors exerted downward pressure on market sentiment.
Despite continued concerns about high interest rates and a global economic slowdown, foreign inflows remained weak. However, the outflow in November notably decreased due to lower US bond yields and a drop in crude oil.
“The gradual return of FII in the month of November after the global sell-off during the three months from (August to October) has a constant positive in India. However, currently the Indian market is facing resistance above to edge above 19,800 levels. . Oil prices are stable ahead of the OPEC meeting and OMCs are benefiting from the ease. Metals sector has gained in line with expectations of Chinese stimulus, and PSU banks are doing well on better joint performance. The market can wait for government output surveys for further indications, soon,” said Vinod Nair, Head of Research at Geojit Financial Services.
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Updated: 28 Nov 2023, 19:12 IST
(tagsTo Translate)Foreign Institutional Investors