FIIs net buy Rs 1,617 crore worth of Indian equities, DIIs net buy Rs 2,341 crore on Sep 23 

The latest market report highlights that Foreign institutional market participants (FIIs) turned net buyers in Indian equities on Wednesday, buying shares worth Rs 1,617.45 crore, while domestic institutional market participants (DIIs) bought equities worth Rs 2,341.46 crore, according to NSE data.

In September so far, FIIs have been net sellers in 13 out of 15 trading sessions, with only two net-buy days. Their heaviest single-day sell-off came on September 22 (Rs 3,810 crore), while the largest single-day buy was Wednesday’s Rs 1,617 crore.

FIIs bought shares worth Rs 13,580.40 crore and sold shares worth Rs 11,962.95 crore. DIIs bought shares worth Rs 14,404.90 crore and sold shares worth Rs 12,063.44 crore.

With Wednesday's buying, FII selling in September narrowed to Rs 9,809.68 crore, while DII buying increased to Rs 45,477.48 crore.

On a year-to-date basis, FIIs have sold a net Rs 3,70,532.77 crore, while DIIs have bought Rs 6,20,629.36 crore, based on the NSE cash-market series. The monthly figures reflect the latest available revisions in the exchange-data series.

Indian equities are likely to continue their gradual upmove in the near term as positive developments around a potential resolution of the war front improve sentiment. Developments in West Asia, movements in Brent crude, foreign flows and global cues will stay key near-term drivers. On Wednesday, the Nifty 50 rose 0.5%, while Midcap100 and Smallcap100 advanced 0.7% and 0.9%, respectively, supported by broad-based buying.

Reflecting on the market performance today, Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal Financial Services, stated: Nifty Metal was the top-performing sector, rising 2.4%, supported by elevated global commodity prices, including copper hitting fresh highs. Nifty FMCG advanced 1.3%, aided by positive market sentiment and softer crude prices. The Directorate General of Trade Remedies has recommended a five-year continuation of anti-dumping duties on certain flat-rolled aluminium products from China, which could limit low-priced imports and backing domestic pricing.

The government is additionally set to launch an incentive scheme for processing critical minerals such as lithium and nickel, aimed at strengthening domestic processing capabilities and reducing import dependence. Brent crude declined around 1% to approximately USD 98/bbl, declining for the sixth consecutive session, as Saudi Arabia began restoring crude supply through a critical pipeline to the Red Sea and hopes of a diplomatic solution to the US-Iran conflict increased following talks at the UN in New York.

Key economic data to watch include the US S&P Composite PMI later today, followed by Japan S&P Services PMI and US jobless claims tomorrow.