Foreign outflow at ₹758 crore from Indian stocks, DIIs buy ₹28 crore; What's triggering FII selling?
₹9,005.65 crore of Indian equities, while they sold ₹9,764.20 crore --- resulting in an outflow of ₹758.55 crore. Meanwhile, DIIs infused ₹7,203.95 crore and offloaded ₹7,175.84 crore, registering an inflow of ₹28.11 crore. Domestic equity benchmarks Sensex and Nifty settled at a more than one-month high on Thursday, led by gains in banks and power stocks, with a technical breakout lending support - even as global cues were weak amid concerns over higher interest rates for an extended period.
The domestic market is taking comfort from India's robust growth outlook and expectations of easing inflation in the coming months. However, rising crude oil prices and poor monsoon pose a risk to markets. Sensex closed 385 points, or 0.58 per cent, higher at 66,265.56 while the Nifty50 ended with a gain of 116 points, or 0.59 per cent, at 19,727.05.
Mid and smallcaps also scored decent gains. The BSE Midcap index closed 0.79 per cent higher at 32,374.93 after hitting its fresh record high of 32,396.28 during the session. The BSE Smallcap index rose 0.40 per cent to end at 38,101.21 after hitting its new all-time high of 38,169.65 during the session.
Today's rally came despite weakness across the Asian and US markets, as investors remain upbeat about India's long-term growth prospects, said analysts. ‘’Nifty has shown good momentum in September so far and is inching closer towards its life highs where it could face some resistance. However we expect outperformance in broader market to continue with interest in niche sectors,'' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services DIIs have been consistent buyers on the back of good flows to domestic mutual funds.
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