FIIs dump ₹224 crore in Indian equities; sustained DII buying to drive Nifty above 19,900-mark

livemint.com:

₹9,850 crore of Indian equities, while they sold ₹10,074.71 crore --- resulting in an outflow of ₹224.22 crore. Meanwhile, DIIs infused ₹8,324.05 crore and offloaded ₹7,173.90 crore, registering an inflow of ₹1,150.15 crore. In September so far, FIIs have sold in the cash market for ₹8,608 crore and DIIs have bought for ₹5,715 crore.

Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII selling, according to analysts. On Friday, domestic equity benchmarks Sensex and Nifty settled higher for the sixth consecutive session, despite a cautious global market. The benchmarks recorded their second straight week of gains and posted their best week since two month, gaining nearly 2 per cent, each.

Sensex closed 333 points, or 0.50 per cent, higher at 66,598.91 while the Nifty closed the day at 19,819.95, up 93 points, or 0.47 per cent. In the last six sessions of gains, Sensex has risen 2.73 per cent while Nifty has risen 2.94 per cent. The BSE Midcap index closed with a strong gain of 0.92 per cent at 32,672 after hitting its fresh record high of 32,692.74 during the session.

The BSE Smallcap index also hit its fresh record high of 38,369.21 during the session but ended at 38,266.53, up 0.43 per cent. In spite of the net institutional selling by foreign investors, Nifty is up by 434 points for the month so far. This, along with the hyper activity in the mid-and small-cap segments, point to the active participation of retail investors in the rally, noted analysts.