DIIs continue buying spree with ₹9,800cr, FPIs remain net sellers
What's the story
Domestic institutional investors (DIIs) continued their buying spree for the eighth consecutive session on Friday. They bought equities worth a provisional ₹1,017.89 crore, according to exchange data. Meanwhile, foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) remained net sellers for the fifth straight session, offloading shares worth ₹376.41 crore during the same period.
Market trends
Institutional flows during the week
Over the five trading sessions from July 13 to July 17, DIIs were the major buyers in the cash market, investing a net ₹9,808.64 crore in equities.
On the other hand, FIIs/FPIs continued to reduce their holdings with total net outflows of ₹9,119.76 crore during this period.
The institutional flows came as Indian benchmark indices ended sharply higher on Friday.
Market performance
Sensex, Nifty close sharply higher
The BSE Sensex surged 965 points to close at 78,151, while the Nifty 50 advanced by some 1% or 262 points to settle at 24,334.
The rally was led by gains in banking and information technology stocks as well as Reliance Industries shares.
However, the broader market underperformed with the Nifty Midcap Index falling by some 259 points to settle at around ₹62,428.
Stock performance
Banking stocks drive rally ahead of earnings season
Banking stocks were the biggest contributors to the benchmark gains, with ICICI Bank and HDFC Bank among the top contributors to Nifty's advance.
This comes as major lenders are set to announce their quarterly earnings soon.
The strong performance of these stocks has played a key role in driving India's benchmark indices higher despite some underperformance in other areas of the market.