FIIs net sell shares worth Rs 1,327 crore, DIIs net buy shares worth Rs 824 crore

FIIs net sell shares worth Rs 1,327 crore, DIIs net buy shares worth Rs 824 crore

On February 1, Domestic institutional investors (DIIs) bought shares worth Rs 824 crore, while on the other hand, foreign institutional investors (FIIs) net sold shares worth Rs 1,327 crore, provisional data from NSE showed.

During the trading session, DIIs bought Rs 13,364 crore and sold shares worth Rs 12,539 crore, and FIIs purchased Rs 987 crore in shares while offloading equities worth Rs 2,314 crore.

For the year so far, FIIs have net sold Rs 88,693 crore, while DIIs have net bought Rs 87,413

crore worth of shares.

Market View

At closing, the Nifty ended 1.74 percent, whereas the Sensex was up over 1300 points. Among sectors, the Realty index outperformed, rallying over 11 percent, whereas the Capital Market and IT indices lost the most, with the Capital Market index shed 5 percent and the IT index down by 3.25 percent.

Shrikant Chouhan, Head Equity Research, Kotak Securities, reflected on the market performance on an unusual Saturday trading, ahead of the budget, "We are of the view that the short-term market texture is bullish, but due to temporary overbought conditions, we could see range-bound action in the near future. For Bank Nifty, as long as it is trading above its 20-day SMA or 49,000, the bullish formation is likely to continue. "

He goes onto add, "In the last week, the benchmark indices bounced back sharply. During the week, the market slipped below 23,000/75500 but, due to oversold conditions, it bounced back sharply. After forming a promising reversal pattern, the market held its positive momentum throughout the week. Technically, on weekly charts, it has formed a long bullish candle and is currently trading comfortably above its 20-day Simple Moving Average (SMA), which is largely positive."