Wednesday trade: FIIs pull out ₹1271 cr from equities, DIIs offset losses with ₹1,824 cr buying
3 min read . Updated: 15 Mar 2023, 07:17 PM IST
Premium- Sensex closed at 57,555.90 down by 344.29 points or 0.59%. Nifty 50 tumbled by 71.15 points or 0.42% to end at 16,972.15. In terms of sectoral indices, banking stocks continued to witness a bearish tone. BSE Bankex dipped by nearly 383 points, while Bank Nifty shed nearly 360 points.
On the backdrop of steep selling in banking stocks globally, foreign institutional investors (FIIs) maintained a cautious tone in Indian equities as well. On Wednesday, FIIs pulled out over ₹1,271 crore from domestic stocks, making it their fifth consecutive day selloff. However, domestic institutional investors (DIIs) have been at the forefront to cap these losses arising from foreign funds outflow, as they continue to be net buyers.
As per NSE data, FIIs buying value stood at ₹5,769.42 crore and the selling value came in at ₹7,040.67 crore. This led to an overall outflow of ₹1,271.25 crore in the Indian market on Wednesday on BSE, NSE, and MSEI.
On the other hand, DIIs bought ₹6,343.80 crore in Indian equities and sold ₹4,519.86 crore --- pumping an overall ₹1,823.94 crore.
As of March 15, FPIs buying in Indian equities in the current month is approximately ₹12,575 crore. If FPIs remained buyers for the overall March, then it would be the first month to see inflow in the year 2023.
Today, markets extended their losses to close near the day's low as banking stocks continue to remain under pressure amidst financial sector worries. Global markets were feeble with a focus on economic data. Domestic equities are in red for the fifth day in a row with Sensex erasing over 2,792 points and Nifty 50 giving up over 782 points in these sessions.
Sensex closed at 57,555.90 down by 344.29 points or 0.59%. Nifty 50 tumbled by 71.15 points or 0.42% to end at 16,972.15. In terms of sectoral indices, banking stocks continued to witness a bearish tone. BSE Bankex dipped by nearly 383 points, while Bank Nifty shed nearly 360 points.
At the interbank forex market, the rupee gave up its early gains against the US dollar on Wednesday to end at 82.5950. The local unit failed to sustain its upside in the early trade as foreign banks and public sector banks tapped the dollar increasing the greenback's demand.
Talking about market performance, Ajit Mishra, VP - of Technical Research, at Religare Broking said, "Markets extended the negative tone for yet another session and lost nearly half a percent. Initially, the Nifty index opened a gap-up but selling pressure in index majors pared all the gains in no time and gradually pushed the index below the 17,000 mark as well. Most sectors traded in sync with the move and ended lower wherein banking, financials, and realty were among the top losers. Interestingly, the broader indices showed some resilience and ended almost unchanged."
Going ahead, Mishra said, "Mixed global cues are currently weighing on the sentiment in absence of any major trigger from the domestic front. On the index front, Nifty has the next crucial support at the 16,800 mark while 17,200-17,300 would act as a hurdle in case of a rebound. We reiterate our negative view and suggest continuing with “sell on the rise" until we see some sign of reversal."
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