FIIs sell over ₹409 cr in Indian stocks on 26 June; DIIs infuse ₹250 cr

As per the NSE data, FII buying value stood at ₹7,896.65 crore and selling value at ₹8,306.08 crore, recording an outflow of ₹409.43 crore on Monday in Indian stocks.

On the contrary, DIIs purchased ₹5,455.86 crore worth of equities, and they offloaded ₹5,205.74 crore. Hence, DIIs pumped in ₹250.12 crore.

During June 26th trading session, Sensex ended at 62,970, lower by 9.37 points or 0.01%. On the other hand, Nifty 50 settled at 18,691.20, up by 25.70 points or 0.14%. Buying in pharma, consumer durables, and auto stocks kept bears off the bay in Sensex and Nifty 50. Midcap and smallcap stocks also picked up momentum.

Ajit Mishra, SVP – of Technical Research, at Religare Broking said, “Markets started the week on a muted note and ended almost unchanged. After the initial uptick, Nifty hovered in a narrow band and finally settled at 18691.20 levels. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein pharma and auto posted decent gains while banking and energy remained subdued. The recovery in broader indices also eased some pressure.”

Also, Riches Vanara, Technical And Derivatives Analyst, stoxbox said, “Markets seem to have brushed off concerns that surfaced over the weekend about the possible disruption of the Russian oil supply after a challenge by the Russian mercenary group, Wagner Group, which was later averted. The move has raised questions about the political stability in Russia. The top drone manufacturer in India, Ideaforge, saw strong interest on day 1 of its initial public offering.”

Last week, on Friday, FIIs sold ₹344.81 crore, while DIIs outflow was to the tune of ₹684.01 crore.

Both FIIs and DIIs’ investment in Indian stocks so far in June has been volatile. As per Stock Edge data, FIIs have infused ₹6,478.83 crore in Indian equities as of now in the current month. While DIIs are tracing behind closely with an inflow of ₹6,272.95 crore.

For Tuesday’s trade, Mishra said, “We feel it is a breather after the recent dip and needs sustainability above 18,600 in Nifty for any meaningful rebound. Meanwhile, participants should prefer defensive viz. pharma and FMCG and choose selectively from others.”

On the technical front, Vanara added,” Nifty opened on a mild gap-up note and traded in a narrow range throughout the session. The price action showed resilience to 20DEMA trading at 18,646 and saw a tepid move in the last half an hour. With this, however, the trading session ended on an indecision note within the previous trading range, indicating volatility compression.”

Further, for the entire current week, as per Mitul Shah – Head of Research at Reliance Securities, the delay in monsoon rains and possible onset of the El Nino form of weather in later part of this year is triggering caution among policymakers. However, rconomic activity has held up well so far in Q1FY24 and there is increased optimism on the domestic economy. During the week, the RBI will release the money supply, deposits, bank credit growth data.

Additionally, Shah highlighted that the central government will update the budget expenditure and deficit numbers for the month of May. On the global front the US Federal Reserve Chair Jerome Powell will deliver a speech at the European Central Bank forum on Central Banking 2023. Equity markets in India are closed on Wednesday, June 28 in the observance of Eid.

Updated: 26 Jun 2023, 07:15 PM IST