Foreign institutional investors (FIIs) kept up their bullish momentum on April 23, net purchasing Indian equities worth ₹3,333 crore—marking the sixth consecutive session of inflows.
In contrast, domestic institutional investors (DIIs) reversed course, turning net sellers with an outflow of ₹1,234 crore after a brief buying pause on April 21, according to NSE data.
FIIs bought shares worth ₹17,507 crore during the session and sold ₹14,174 crore, while DIIs bought ₹15,150 crore and sold ₹16,385 crore. Despite recent inflows, FIIs remain net sellers for the year to date, with cumulative outflows of ₹1.53 lakh crore, while DIIs have pumped in ₹1.97 lakh crore over the same period.
The surge in FII interest helped benchmark indices climb for the seventh straight session. The Nifty and Sensex closed firmly in the green, powered by strong buying in IT, auto, and pharma stocks. However, banking counters lagged, with Nifty Bank and PSU Bank indices each shedding 0.6% on profit booking.
Nifty IT led the charge with gains of over 4%, buoyed by HCLTech’s 8% jump post its March quarter results. Auto stocks also impressed, with Maruti, M&M, and Tata Motors contributing to a nearly 2% rise in the Nifty Auto index. Pharma and Realty added around 1% each.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, a combination of healthy earnings and global tailwinds is driving sentiment.
“India’s position in global trade is looking increasingly attractive. Easing concerns in the US, including President Trump’s reassurance on the Fed and tariffs on China, have also calmed global nerves. FII inflows remain a key pillar of support,” he said according to a Moneycontrol report.