Foreign institutional investors (FIIs) made a strong buying in Indian equities on Wednesday to the tune of ₹12,350 crore. This also included the mega block deal in Adani Group-backed Adani Green Energy. On the other hand, domestic institutional investors (DIIs) extended their selling to over ₹1,021 crore. Sensex and Nifty 50 rallied to new lifetime highs driven by robust buying on a broader scale.
As per NSE data, FIIs buying value stood at ₹21,017.34 crore, while they sold ₹8,667.34 crore — registering an inflow of ₹12,350 crore.
On the contrary, DIIs purchased ₹13,978.21 crore and offloaded ₹14,999.22 crore worth of equities. Hence, they sold ₹1,021.01 crore.
In a mega block deal today on NSE, Goldman Sachs GQG Partners International Opportunities Fund invested ₹1,099.81 crore in Adani Green Energy.
However, Adani Family Trust sold shares in flagship company Adani Enterprises for ₹4,140 crore, and also Infinite And Investment sold a stake in Adani Green aggregating ₹4,232.13 crore.
During June 28th trading session, strong buying in heavyweights and robust foreign funds flow along with a sharp narrowing in the current account deficit lifted the broader markets’ spirits. All sectoral indices ended on a bullish note. After hitting a new historic high of 64050.44, Sensex closed at 63,915.42 — surging by 499.39 points or 0.79%. Meanwhile, Nifty 50 settled at 18,972.10, up by 154.70 points or 0.82% after touching a new record high of 19,011.25.
Talking about the performance, S Ranganathan, Head of Research at LKP securities said, “As Benchmark Indices scaled new highs in trade today, sheer buoyancy of stock prices even in the broader markets made several seasoned investors waiting on the sidelines for a meaningful correction mere spectators. The Financial Services Index almost kissed 20K today to register yearly highs as credit demand is picking up even as the Monsoon is seen covering lost ground in several parts of the country. Investors also witnessed a listed Airline in India cross a m-cap of ₹1 lakh crore in today’s trade.”
On the previous day, FIIs invested ₹2,024.05 crore, however, DIIs sold ₹1,991.35 crore.
Going ahead, Ajit Mishra, SVP – of Technical Research, Religare Broking Ltd. said, “The move shows that bulls are in control however lack of decisiveness in the banking pack at the higher level is capping the momentum. We maintain our positive view and suggest aligning positions accordingly. At the same time, traders shouldn’t go overboard and stay focused on risk management citing the possibility of intermediate volatility.”
Also, Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities, said on Nifty 50 that “with the breakout, the support for the index has now shifted higher. For Nifty 18,800 and 18,650 are two levels that can acts as support for the index. Investors should employ a buy on dips approach and look out for fundamentally strong stocks. The Q1-FY24 results that will kick start from next month are likely to provide more triggers to further fuel this rally. Sectors to watch out for now are IT and Banks. IT sector is under owned and yet to participate in the rally. Banks on the other hand, has highest weightage in the index and will probably do the heavy lifting from here.”
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