FIIs pump in ₹2,641 cr in Indian stocks; DIIs offload ₹ 2,351 cr – July 06 trade
The Foreign Institutional Investors (FIIs) purchased shares worth a net amount of ₹2,641 crore, while Domestic Institutional Investors (DIIs) sold shares worth a net amount of ₹2,351 crore. Moving into July till date, FIIs continued to show interest in the Indian market by buying shares worth a net amount of ₹8,374.55 crore, while DIIs sold equities worth a net amount of ₹3,913.95 crore.
The benchmark indices Sensex and Nifty both reached a new all time high. The S&P BSE Sensex, considered a barometer index, advanced by 339.60 points or 0.52% to reach 65,785.64. Similarly, the Nifty 50 index gained 98.80 points or 0.51% to close at 19,497.30.
On Thursday, the domestic equity benchmarks experienced gains, primarily driven by inflows from foreign funds. However, trading was volatile due to the expiry of weekly index options on the National Stock Exchange (NSE), with the Nifty index closing near the 19,500 mark. The mid- and small-cap sectors outperformed the benchmark indices, with real estate, oil & gas, power, and consumer durable stocks leading the way.
Global markets displayed a weak trend influenced by the hawkish minutes of the Federal Open Market Committee (FOMC) and ongoing tensions between the United States and China. Market participants are now turning their attention to upcoming data releases, such as the ADP nonfarm employment and initial jobless claims data, which will provide further insights into the Federal Reserve’s strategy.
The top gaining stocks such as M&M (up 4.97%), Tata Motors (up 2.12%), and Reliance Industries (up 2.07%) contributed to the positive performance of the indices. Towards the end of the trading day, the Nifty 50 and the Sensex reached all-time highs at 19,512.20 and 65,832.98, respectively. The broader market also outperformed the headline indices, with the S&P BSE Mid-Cap index rising by 0.79% and the S&P BSE Small-Cap index gaining 0.67%. Both these indices achieved record high levels.
In other market developments, the yield on India’s 10-year benchmark federal paper increased by 0.58% to 7.146 from the previous close of 7.105. In the foreign exchange market, the value of the rupee weakened against the dollar, with the rupee hovering at 82.4475 compared to the previous trading session’s close of 82.2575.
Furthermore, MCX Gold futures for settlement in August 2023 recorded a gain of 0.25% and reached ₹58,622. Meanwhile, the US Dollar index (DXY), which measures the value of the dollar against a basket of currencies, declined by 0.39% to 102.97. The United States 10-year bond yield experienced a significant jump of 0.76% and reached 3.974. In the commodities market, Brent crude for September 2023 settlement rose by 22 cents or 0.29% to $76.87 per barrel.
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Updated: 06 Jul 2023, 06:25 PM IST
