On September 20, 2024, foreign institutional investors (FIIs) made a notable move by becoming net buyers, purchasing ₹14,064 crore worth of shares. In contrast, domestic institutional investors (DIIs) offloaded ₹4,427.08 crore in equities. This shift occurred after the U.S. Federal Reserve announced a 50 basis point rate cut, boosting global markets, including India.
During the trading session, DIIs bought equities valued at ₹16,987.42 crore but sold ₹21,414.50 crore worth of shares. Meanwhile, FIIs purchased ₹59,452.33 crore in shares while offloading ₹45,388.28 crore in equities, leading to a significant net purchase.
The Indian stock market experienced a sharp rally, with the Sensex closing 1,359.51 points higher, a 1.63% rise to 84,544.31. Similarly, the Nifty index climbed 375.2 points or 1.48%, ending the day at 25,579. All sectoral indices finished in positive territory.
Leading the gains on the Nifty were M&M, ICICI Bank, JSW Steel, Bharti Airtel, and L&T. On the other hand, Grasim Industries, SBI, IndusInd Bank, TCS, and Bajaj Finance were the top losers of the day.
According to Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, the markets are gradually climbing, and this positive momentum is expected to continue. Strong FII inflows, healthy domestic macroeconomic conditions, and easing concerns about the U.S. economy are likely to sustain the market's rise.
So far in 2024, FIIs have net sold shares worth ₹1.2 lakh crore, while DIIs have been net buyers, accumulating ₹3.28 lakh crore in equities. Despite FIIs being net sellers earlier in the year, their renewed buying in September has contributed to the market's current strength.
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