FIIs Net Sell ₹3,044 Crore, DIIs Net Buy ₹2,918 Crore in Indian Equities

On April 24, 2024, the Indian equity market witnessed mixed trading, with the benchmark indices Nifty 50 and Sensex ending in positive territory. The Nifty 50 gained 34.40 points (0.15%) to settle at 22,402.40, while the Sensex increased 114.48 points (0.16%) to close at 73,852.94. The broader indices, including the Mid-cap and Small-cap stocks, also ended in mixed territory.

According to provisional data, Foreign Institutional Investors (FIIs) were net sellers in the Indian equities market, offloading shares worth ₹3,044.54 crore on April 24, 2024. On the other hand, Domestic Institutional Investors (DIIs) were net buyers, acquiring shares worth ₹2,918.94 crore on the same day.

The Bank Nifty index ended higher by 218.55 points (0.46%) at 48,189. Kunal Shah of LKP Securities commented on the Bank Nifty outlook, stating that the index is approaching a critical resistance level around 48,000, and a decisive break above this level is anticipated to trigger further short-covering actions.

In terms of sectoral performance, Metal and Realty stocks outperformed, while IT and Media stocks shed value. The top gainers on the Nifty 50 index included JSW Steel, Tata Steel, Cipla, Hindalco, and Power Grid Corporation. Conversely, the top laggards were Tata Consumers, Titan Company, Tech Mahindra, Grasim, and SBI Life Insurance.

Anand James of Geojit Financial Services provided insights into the derivatives market, noting that the Nifty weekly and monthly contracts have the highest open interest at 23,000 for Calls and 22,000 for Puts. FIIs increased their future index long position holdings, future index shorts, and index options positions.

In individual stock news, shares of Tata Elxsi fell over 3% despite the company announcing a Rs. 70 per share dividend. The decline was

Key Takeaways

• Nifty 50 and Sensex ended in positive territory, gaining 0.15% and 0.16% respectively.
• FIIs were net sellers, offloading ₹3,044.54 crore, while DIIs were net buyers, acquiring ₹2,918.94 crore.
• Bank Nifty index rose 0.46%, approaching a critical resistance level around 48,000.
• Metal and Realty stocks outperformed, while IT and Media stocks declined.
• Tata Elxsi shares fell over 3% despite announcing a ₹70 per share dividend.