FIIs turn net buyers of Indian equities worth Rs 280 ; DIIs add Rs 567 crore on September 7

The latest market report highlights that Foreign institutional market participants turned net buyers of Indian equities on Monday, buying Rs 280.13 crore, while domestic institutional market participants bought a net Rs 566.76 crore, according to NSE data.

FIIs bought equities worth Rs 9,581.19 crore and sold Rs 9,301.06 crore. DIIs, in the meantime, bought Rs 13,154.13 crore and sold Rs 12,587.37 crore.

With Monday's flows, FIIs have remained net buyers on three of the first five trading sessions of September. Their net buying for the month now stands at Rs 2,373.94 crore, while DIIs have bought a net Rs 18,567.50 crore.

On a year-to-date basis, FIIs have sold a net Rs 3.57 lakh crore in the cash market, while DIIs have invested Rs 5.82 lakh crore, according to the NSE cash-market series.

Indian key market indices remained under pressure on Monday, with selling in large-cap stocks dragging the Nifty 50 and Sensex softer. The Nifty 50 declined 0.50% to 23,779.15, while the Sensex declined 382.62 points, or 0.50%, to 76,132.81. The Nifty eased below the 23,800 mark as Brent crude remained close to $97 a barrel amid continued geopolitical uncertainty.

The broader market additionally softened, with the Nifty Midcap 100 falling 0.46%, while the Nifty Smallcap 100 was largely flat, gaining 0.02%. Pharma was the best-performing sector, while Media, IT, Realty and Metal were among the key laggards.

“Elevated oil price marks, with Brent remaining near the $97 per barrel mark, along with the absence of any significant resolution to ongoing geopolitical uncertainties, kept investor sentiment wary and restricted buying interest,” stated Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

Mukherjee stated the Nifty formed a bearish candle with a softer high and softer low, signalling a continuation of the corrective slide. “Immediate bias in the index stays down,” he stated, adding that a sustained move below 24,025 could open the way towards the 23,600-23,500 backing zone.

On the upside, 24,150 stays the key resistance level. Mukherjee stated a move above that level could signal a pause in the downtrend, with the Nifty potentially pulling back towards the 50-day EMA.

For the Bank Nifty, he anticipates the index to stay range-bound between 57,000 and 58,000 in the near term. A close below 57,000 could drag it towards 56,500-56,200, while a sustained move above 58,000 could open the way towards 58,500-58,700.