NEW DELHI: India’s equity market gained for the second consecutive session on Wednesday with strong buying seen across the metal and financial stocks. At Wednesday’s closing, the BSE Sensex rose 0.64% to surpass the 61,000 level at 61,046, while the NSE Nifty50 closed 0.62% higher at 18,165. With the two-day rally, benchmark indices are now at their highest levels in two weeks. Nifty and Sensex had gained about 1% each on Tuesday.
As per market experts, foreign institutional investors (FIIs) turning net buyers for the first time in the calendar year on January 17 was a major contributor to the surge. FIIs purchased shares worth Rs 211 crore on a net basis on Tuesday (Jan 17). However, on Wednesday, they again turned sellers as they sold shares worth Rs 319 crore on a net basis. So far in CY23, FIIs outflow from the Indian equity market stands at about $2.5 billion.
“The notable feature of market action over the first half of January has been muted market volumes, despite elevated institutional activity – FIIs have been net sellers worth $2.5 billion in January so far.