Foreign investors extended their buying streak to a ninth straight session on Monday, April 28, purchasing Indian equities worth Rs 2,474 crore. With the latest inflow, FIIs have now turned net buyers for April, reversing earlier heavy selling of nearly Rs 35,000 crore. Domestic institutional investors (DIIs) also remained positive, buying shares worth Rs 2,817 crore for the second consecutive session.
During the trading session of April 28, FIIs bought shares worth Rs 11,680 crore and sold shares worth Rs 9,206 crore. DIIs purchased shares worth Rs 14,436 crore and sold shares worth Rs 11,618 crore.
For the year so far, FIIs have been net sellers of shares worth Rs 1.39 lakh crore, while DIIs have net bought Rs 2.03 lakh crore worth of shares.
Market Performance
Bulls returned to Dalal Street on April 28, as Reliance Industries surged after posting strong March quarter results, while other heavyweights like SBI also lent support. The overall market mood remained upbeat, with midcap and smallcap indices mirroring the positive trend.
Experts attributed the market’s resilience to strong foreign institutional investor (FII) inflows, with over Rs 32,000 crore pouring in over the past eight days. FIIs, who had been persistent sellers, have dramatically reversed course amid the relative underperformance of US stocks, bonds, and the dollar. Analysts believe that in a weakening US economy and a depreciating dollar environment, FIIs could continue supporting Indian equities.
Except for the Nifty IT index, which closed 0.22 percent lower, all other sectoral indices ended in positive territory. Nifty Pharma emerged as one of the top performers, led by gains in Sun Pharma, Divi’s Laboratories, Cipla, and Dr. Reddy’s Laboratories. Nifty Metal and Bank Nifty indices also fared well, gaining between 1 percent and 2 percent intraday. Notably, the Nifty PSU Bank index saw robust buying interest, rising over 2 percent.
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