FII net sell shares worth Rs 2,377 crore, DIIs net buyers of Rs 1,617 crore

Bulls and Bears

Foreign institutional investors (FII/FPI) were net sellers on March 06, offloading shares worth Rs 2,377 crore while domestic institutional investors (DII) were net buyers of shares worth Rs 1,617 crore, provisional data showed.

During the trading session of March 06, DIIs net bought shares worth Rs 13,276 crore and sold shares worth Rs 11,658 crore. FIIs purchased shares worth Rs 9,711 crore and sold shares worth Rs 12,088 crore.

For the year so far, FIIs have been net sellers of shares worth Rs 1.59 lakh crore, while DIIs have net bought Rs 1.70 lakh crore worth of shares.

Market performance

Extending their recovery, the Sensex and Nifty 50 closed higher for a second consecutive session on March 6, supported by strong gains in Reliance Industries. The index heavyweight led the uptrend, lifting other crude-sensitive stocks like Asian Paints and BPCL.

Crude oil prices tumbled after OPEC+ announced plans to gradually unwind voluntary production cuts. The alliance aims to restore 2.2 million barrels per day (mbpd) of supply over the next two years, rolling back 38 percent of the 5.9 mbpd cuts imposed since 2022.

Among sectors, Nifty Metal posted the strongest gains, jumping nearly 3 percent, while Nifty Energy and Nifty Oil & Gas climbed over 2 percent each. Other notable gainers included Nifty FMCG, Nifty Media, and Nifty Pharma, which rose 1-2 percent.

Banking stocks recovered from early losses, with the Nifty Bank index inching up 0.3 percent. The rebound in financials came amid the Reserve Bank of India's ongoing efforts to inject liquidity into the banking system.

"Markets extended their rebound, gaining nearly a percent on the weekly expiry day, driven by strong cues. After a gap-up opening, Nifty dipped in the early session but witnessed a notable recovery in heavyweight stocks across sectors, pushing the index higher and closing near the day's high at 22,528.15 level," Ajit Mishra, Senior Vice President at Religare Broking said.

He added that the recent cool-off in crude oil and the dollar, along with the potential negotiations on US tariffs, has improved global sentiment and fueled this rebound. "We expect Nifty to face resistance around the 22,700 level (20 DEMA), while the 22,250-22,400 zone will act as support in case of any dip. Our stance remains unchanged—focus on stock selection while maintaining disciplined position sizing," Mishra said.