Foreign institutional investors (FIIs) made one of the biggest weekly purchases between May 8 and May 12, with inflows of at least Rs. 7,750.35 crore in Indian equities. On the other hand, Domestic Institutional Investors (DIIs) were net sellers 1,261.58 crore in the said week. FIIs are net buyers on all trading days so far in May, while DIIs have shown mixed response.
As per NSE data, FII inflows on May 12 were 1,014.06 crore in Indian equities, while DIIs sold 922.19 crores.
On Friday, the Sensex closed at 62,027.90, up 123.38 points or 0.20%, while the Nifty 50 closed at 18,314.80, down 17.80 points or 0.1%.
In the broader market, during the latest session, large-cap stocks supported gains, while midcap and smallcap indices witnessed partial selling.
Besides, in terms of sectoral indices, banking and auto stocks outperformed the market as the indices gained 359 points and 295 points respectively on BSE. Apart from this, consumer durables shares also contributed to the rally. However, metals and oil and gas stocks declined 337.39 points and 209.42 points, respectively, on the BSE to emerge as top underperformers on Friday.
On the latest market performance, Ajit Mishra, VP – Technical Research, Religare Broking said, “Markets remained volatile for one more session and ended on a nearly flat note. The tone was negative in the first hour though buying was seen in major indices. EXCLUSIVE Broadly, the banking, financial and auto space helped the index reduce losses. As a result, the Nifty index closed at 18,314.80. Meanwhile, profit-taking in the broader indices turned the market breadth negative.”
FII had sold on the previous day 837.21 cr. While FII inflow 1,833.13 crore on 10 May, 1,942.19 crore on 9 May, and 2,123.76 crore in the May 8 trading session.
Meanwhile, DIIs were also net sellers on May 11 and 10. 200.09 crore and 789.67 cr. While DIIs were buyers with inflows on May 9 and 8 404.70 crores and 245.27 cr.
In the current week, Sensex is up 454.14 points or 0.74% and Nifty 50 is up 136.90 points or 0.75%.
Going forward, in next week’s trading session, Mishra said, “We expect further consolidation in the index citing mixed cues from the global front. However, trading opportunities remain limited due to the ongoing earnings season.” There will be no shortage. Traders should plan.” Position them accordingly, with a focus on risk management.”
According to Rohan Patil, Technical Analyst at SAMCO Securities, the overall trend still remains in bearish to sideways mode. Support for Nifty is placed around 17,400 – 17,350 levels and resistance is capped near 17,800 levels. If Nifty breaks below 17,350 then 17,200 will be the next support zone. A strong break above 17,800 would signal a breakout in the index.
FII inflows in May so far 13,278.11 crore in Indian equities. In contrast, DIIs sold 3,997.23 crores.
Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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