Foreign institutional investors bought Indian stocks worth ₹1,166 crore on October 16, snapping a day of heavy selling. Meanwhile, domestic institutional investors sold ₹3,661 crore worth of shares. Despite this, benchmark indices ended higher as IT stocks rallied. The Sensex rose 413 points, while the Nifty gained 149 points on Friday.
Foreign investors returned to buying Indian equities on Friday, snapping a day of heavy selling, while domestic institutional investors turned net sellers even as benchmark indices ended higher.
Foreign institutional investors (FIIs) bought Indian equities worth ₹1,165.92 crore on a net basis on October 16, according to provisional exchange data. They purchased shares worth ₹19,951.59 crore and sold ₹18,785.67 crore during the session.
Domestic institutional investors (DIIs), meanwhile, sold equities worth ₹3,661.28 crore on a net basis. Their purchases stood at ₹17,201.80 crore, against sales of ₹20,863.08 crore.
The reversal in foreign investor flows came a day after FIIs sold Indian equities worth ₹5,285.37 crore on Thursday. DIIs had bought shares worth a net ₹3,319.39 crore during the previous session.
Sensex, Nifty end higher as IT stocks rally
Indian equity benchmarks ended higher on Friday after a range-bound session. The Sensex rose 413 points to close at 74,729, while the Nifty gained 149 points to settle at 23,146, holding above the 23,100 mark.
Broader markets lagged the benchmarks for a second straight session, with the midcap index falling 67 points to 59,130. The Nifty Bank edged up 33 points to 55,844 ahead of key banking earnings.
The Nifty IT index extended its rally for a fourth consecutive session, rising nearly 4%. Tech Mahindra posted its biggest single-day gain since March 2020 after announcing its second-quarter results and a bonus issue. Tata Consultancy Services (TCS) extended its post-results rally and was up nearly 19% since reporting its Q2 results on October 8.
IndiGo was the biggest Nifty loser after the government told the Supreme Court that rules on air fares had been finalised. Capital market stocks also came under pressure, with BSE falling more than 2% following a revised framework for consolidated account statements (CAS).
Jewellery stocks advanced, with Senco Gold and Sky Gold gaining more than 5% each. Federal Bank ended slightly higher after reporting better-than-expected second-quarter results.
Onward Technologies surged 20% following strong quarterly earnings, while Wipro rose nearly 6% after saying deals deferred from the September quarter were expected to move into the December quarter.
Angel One fell more than 4% after reporting operationally weak Q2 results. Overall market breadth remained positive, with roughly three stocks advancing for every two that declined.