Foreign institutional investors (FIIs) made one of the biggest weekly buying between May 8th to 12th, with an inflow of at least ₹7,750.35 crore in Indian equities. On the other hand, domestic institutional investors (DIIs) were net sellers with an outflow of ₹1,261.58 crore in the said week. FIIs are net buyers in all trading days of May so far, while DIIs have shown mixed reactions.
As per NSE data, on May 12, FIIs inflow stood at ₹1,014.06 crore in Indian equities, while DIIs carried a selling of ₹922.19 crore.
On Friday, Sensex ended at 62,027.90 up by 123.38 points or 0.20%, while Nifty 50 finished at 18,314.80 lower by 17.80 points or 0.1%.
In the broader market, during the latest session, large-cap stocks supported the upside while fractional selling was seen in midcap and smallcap indices.
Further, in terms of sectoral indices, banking, and auto stocks outperformed the market as the indexes climbed by 359 points and 295 points respectively on BSE. Also, consumer durables stocks contributed to the upside. However, metal and oil & gas stocks on BSE dipped by 337.39 points and 209.42 points respectively, emerging as the top underperformers on Friday.
Read here: Bulk deals on May 12: Zee Entertainment, Nazara Tech, others exchange hands; Check buyers, sellers
On the latest market performance, Ajit Mishra, VP - of Technical Research, at Religare Broking said, "Markets remained volatile for yet another session and ended almost on a flat note. The tone was negative in the first hour however buying in index majors, especially from banking, financials, and auto space helped the index to trim losses. Consequently, the Nifty index settled at 18,314.80 levels. Meanwhile, the profit taking in broader indices resulted in negative market breadth."
On the previous day, FIIs sold ₹837.21 crore. While FIIs inflow stood at ₹1,833.13 crore on May 10, ₹1,942.19 crore on May 9th, and ₹2,123.76 crore on May 8th trading session.
Meanwhile, DIIs also were net sellers on May 11th and 10th to the tune of ₹200.09 crore and ₹789.67 crore. While DIIs were buyers on May 9th and 8th with an inflow of ₹404.70 crore and ₹245.27 crore.
Read here: India's forex reserves rise by $7.2 bln to reach at 11-month high, nears $600 bln
In the current week, Sensex jumped by 454.14 points or 0.74% and Nifty 50 is up by 136.90 points or 0.75%.
Going ahead, in the next week's trading sessions, Mishra said, "We expect further consolidation in the index citing mixed signals from the global front. However, there will be no shortage of trading opportunities, thanks to the prevailing earnings season. Traders should plan their positions accordingly, with a focus on risk management."
According to Rohan Patil, Technical Analyst, SAMCO Securities, the overall trend still remains in a bearish to sideways mode. The support for the Nifty is placed at around 17,400 – 17,350 levels and resistance is capped at 17,800 levels. In case the Nifty breach below 17,350 levels than 17,200 will be the next support zone. A strong break above 17,800 will indicates a breakout in index.
So far, in May, FIIs inflow is at ₹13,278.11 crore in Indian equities. On the contrary, DIIs sold ₹3,997.23 crore.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 12 May 2023, 10:52 PM IST
