FIIs net buy shares worth Rs 4,662 crore, DIIs pump in Rs 7,911 crore on May 28

FIIs net buy shares worth Rs 4,662 crore; DIIs pump in Rs 7,911 crore on May 28

Foreign Institutional Investors (FIIs) net bought equities worth Rs 4,662 crore on May 28, and Domestic Institutional Investors (DIIs) continued providing support to the capital market with a net purchase of Rs 7,911 crore, as per provisional data from the NSE on May 28.

During the trading session, DIIs bought shares worth Rs 17,643 crore and sold shares worth Rs 9,731 crore, while FIIs purchased shares worth Rs 16,278 crore and sold shares worth Rs 11,615 crore.

For the year so far, FIIs have been net sellers of shares worth Rs 1,15,848 crore, while DIIs have net bought Rs 2,61,883 crore worth of shares.

Market Performance

After a muted start, Sensex ended lower by 239 points. PSU Banks and Defense shares rallied nearly a percent, whereas the FMCG index shed 1.40 percent. The benchmark Nifty 50 slid to 24,750 on profit booking for a second day stayed within the previous trading range, and held up prior session’s low.

Read More: May monthly F&O expiry tomorrow - Nifty could trade in range of 24,700-25,200, say experts

"We believe the intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side. For day traders, now, 24,850/81600 would be the immediate breakout level. Above this, the market is likely to retest the levels of 25,000/82100 – 25,100/82500. On the other hand, below 24,740/81200 could accelerate selling pressure, with support levels at 24,600/80800–24,500/80400," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Benchmark equity indices are poised to close higher for a third month despite tariff-related uncertainty, a brief border hostility with Pakistan, and a lingering concern over slowdown in US growth, even as foreign flows revived in anticipation of a sustained domestic earnings recovery, hopes of a RBI rate cut and the forecast of an above-normal monsoon this year.