DIIs net bought shares worth Rs 4,321 crore, FIIs net sold shares worth Rs 4,336 crore

DIIs net bought shares worth Rs 3,640 crore, FIIs net sold shares worth Rs 4,026 crore

On January 20, Domestic institutional investors (DIIs) bought shares worth Rs 4321 crore, while on the other hand, foreign institutional investors (FIIs) net sold shares worth Rs 4336 crore, provisional data from NSE showed.

During the trading session, DIIs bought Rs 15339 crore and sold shares worth Rs 11017 crore, and FIIs purchased Rs 9,473 crore in shares while offloading equities worth Rs 13,809 crore.

For the year so far, FIIs have net sold Rs 50,905 crore, while DIIs have net bought Rs 53,687

crore worth of shares.

Also read: Taking Stock: Bears tighten grip; Sensex sheds 1,049 pts, Nifty below 23,100

Benchmark indices, Nifty and Sensex, maintained their upward momentum on January 20, driven by strong gains in both public and private sector banks, which stood out as top performers. At close, the Sensex was up 454.11 points or 0.59 percent at 77,073.44, and the Nifty was up 141.55 points or 0.61 percent at 23,344.75. About 2,396 shares advanced, 1,490 shares declined, and 165 shares were unchanged.

Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services reflected on the market's performance today, saying that it was mostly led by strong global cues ahead of Trump’s swearing-in ceremony later today and a sharp rally in Kotak Mahindra Bank and Wipro after their strong Q3 performance. Herein, Nifty Bank gained 1.8 percent with both Private and PSU bank indices rising over 2 percent each.

He further adds, "The IT index also advanced, supported by steady quarterly results from Wipro and Tech Mahindra. Nifty Metal rose 1.2 percent as the Chinese IIP came in at 6.2 percent YOY in December (much ahead of expectation) with the recent stimulus measures from Beijing supporting business activity. Trump’s assurances of a positive dialogue with China added to global optimism. Export-oriented sectors such as IT, pharma, speciality chemicals and textiles will remain in focus with Trump’s trade policy decisions following the start of his Presidential term. Broader market indices outperformed with Nifty Midcap100 and Smallcap100 gaining 1 percent each."

He expects the market to trade within a broad range and stock/sector specific action to continue as the Q3 result season is picking up pace. Some of the key results to watch out tomorrow as per him, will be ICICI Prudential, KEI Industries, Tata Tech, PNB Housing amongst others.