After 16 consecutive sessions of buying, FIIs net sell shares worth Rs 3799 crore, DIIs net buy Rs 7278 crore

At close, the Sensex was down 880.34 points or 1.1 percent at 79,454.47, and the Nifty was down 265.80 points or 1.1 percent at 24,008.

On May 9, after being net buyers for 16 consecutive sessions, Foreign institutional investors turned net sellers. During the trading session, the sold domestic equities worth Rs 3799 crore, while domestic institutional investors sold their holdings worth Rs 7278 crore. During the previous 16 sessions, FIIs had net bought around Rs 40,000 crore in Indian equities.

DIIs recorded gross purchases worth Rs 15,547 and sold Rs 8,269 crore. FPIs bought equities worth Rs 11,483 crore and sold 15,281 crore.

For the year so far, FIIs have been net sellers of shares worth Rs 1.22 lakh crore, while DIIs have net bought Rs 2.25 lakh crore worth of shares.

Market view

At close, the Sensex was down 880.34 points or 1.1 percent at 79,454.47, and the Nifty was down 265.80 points or 1.1 percent at 24,008. For the week, BSE Sensex and Nifty fell more than 1 percent each. BSE Midcap index ended flat, while smallcap index was down 0.3 percent. ICICI Bank, Power Grid Corp, UltraTech Cement, Shriram Finance, Grasim Industries were among major losers on the Nifty, while gainers were Titan Company, Tata Motors, L&T, Bharat Electronics, Hero MotoCorp.

On the sectoral front, realty index shed 2.3 percent, private bank index was down 1.3 percent, while media, consumer durables, capital goods, PSU Bank indices rose between 0.9-1.6 percent.

Rupak De, Senior Technical Analyst at LKP Securities noted that Nifty traders appeared to embrace risk-off trades amid India-Pakistan tensions as the index fell from its recent consolidation zone. "The Nifty managed to stay above the 24,000 mark as the index found support around the 21-day exponential moving average (EMA). In the short term, bears may attempt to push the index decisively below 24,000 to gain the upper hand. A clear break below 23,900 could increase bearish bets in the market. On the upside, 24,250 may act as an immediate resistance level, above which sentiment could improve," he said.