FIIs pump over ₹9,000 crore in Indian equities this week, DIIs net sellers in 3 sessions: What's behind this trend?
₹9285.11 crore. Last week, FIIs snapped their three month -sustained selling streak which was over global headwinds. The return of FIIs, along with the monetary policy announcement of the Reserve Bank of India (RBI) were among key factors which drove the benchmark Nifty 50 to hit its fresh record high of 21,006.10 in the intraday session on Friday, December 8.
The domestic institutional investors (DIIs) also infused in Indian stocks - with a total of ₹4326.47 crore this week, however, FIIs have now won the tug of war with greater buying. As per the NSE data, FIIs cumulatively bought ₹19,329.28 crore of Indian equities, while they sold ₹15,696.98 crore --- resulting in an inflow of ₹3,632.30 crore on Friday. Meanwhile, DIIs invested ₹9,533.13 crore and offloaded ₹9,967.15 crore, registering an outflow of ₹434.02 crore.
"Even though the undertone is bullish, the market is likely to consolidate in the near-term since up moves will be countered with profit booking by DIIs and individual investors who are sitting on big profits,'' said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. ‘’Dips will be bought by FIIs who have emerged as sustained buyers.
The continuous decline in US bond yields ( the 10-year yield is now below 4.20 per cent) will ensure FII buying,'' added Dr. V K Vijayakumar. The Indian economy grew 7.6 per cent during the July-September quarter for fiscal 2023-24 (Q2FY24), remaining the fastest-growing major economy in the world, according to the gross domestic product (GDP) data released by the statistics ministry.
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