Foreign institutional investors (FIIs) offloaded shares worth a net Rs 701.17 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 2,488.07 crore on July 31, 2023, according to the provisional data available on the NSE.
For the month till July 31, FIIs sold shares worth a net Rs 1,725.08 crore while DIIs bought shares worth a net Rs 4,122.44 crore. In the month of June, FIIs bought shares worth a net of Rs 27, 250.01 crore while DIIs purchased equities worth a net of Rs 4, 458.23 crore.
“Strong buoyancy in Asian and European indices bolstered the local market sentiment, as the beaten-down sectors in recent sessions like IT, metals, power, and oil & gas stocks were the star performers. The undertone of our market is still bullish and hence we may not see such frenzied selling unless there is any major havoc in global markets. Technically, the Nifty took support near the 20-day SMA (Simple Moving Average) and bounced back sharply,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
“A promising reversal formation is indicating further uptrend from the current levels. For the trend-following traders, 19650 would be the trend decider level, and above the same the market could move up till 19850-19875. On the flip side, below 19650, bulls may prefer to exit from long positions and could retest the level of 19600-19560,” Shrikant Chouhan added.
On Monday, the domestic equity indices NSE Nifty 50 and BSE Sensex ended higher, snapping a two-day losing streak. Nifty 50 closed at 19,753.8, gaining 107 points while Sensex settled at 66,527, over 360 points higher. The broader markets closed in the green, with Nifty Midcap 100 and Nifty Smallcap 100 added 0.97% and 0.88% respectively. Nifty Auto, Nifty IT, Nifty Metal and Nifty Oil & Gas all added over 1% in trade on Monday. Nifty FMCG and Nifty Healthcare were the only losers.