In the stock market session on September 23, 2024, Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) played a key role in driving market movements. While FIIs bought shares worth ₹404 crore, DIIs were more aggressive with net buying of ₹1023 crore, according to provisional data from NSE.
Breakdown of FIIs and DIIs Activity
- DIIs bought shares worth ₹11,666 crore and sold shares worth ₹10,644 crore, resulting in net buying of ₹1023 crore.
- FIIs, on the other hand, bought shares worth ₹12,095 crore while selling shares worth ₹11,690 crore, leading to net purchases of ₹404 crore.
Year-to-Date Performance
For the year so far, FIIs have been net sellers to the tune of ₹1.2 lakh crore, while DIIs have been more aggressive buyers, accumulating ₹3.3 lakh crore worth of shares.
Market Performance
The Sensex gained 384.30 points or 0.45%, closing at 84,928.61, while the Nifty ended 148.05 points higher at 25,939. This positive performance was led by key sectors such as banking, financials, and auto.
- Top Gainers: M&M, ONGC, Bajaj Auto, SBI Life Insurance, and Hero MotoCorp.
- Top Losers: Eicher Motors, Divis Labs, ICICI Bank, Tech Mahindra, and IndusInd Bank.
Analyst Insight
Ajit Mishra from Religare Broking highlighted the prevailing optimism, driven by global markets. He noted that sectors sensitive to interest rates, such as banking, financials, and realty, have been leading the market gains.
This trend is expected to continue, with Nifty nearing 26,000. Investors are advised to adopt a stock-specific strategy, focusing on large-cap and large mid-cap stocks.
Market Strategy
- Buy on Dips: Traders should remain cautious of any potential pullback but take advantage of dips in stock prices to enter strong positions.
- Focus on Rate-Sensitive Sectors: With global monetary policies favoring lower rates, sectors like banking, auto, and realty could continue to outperform.
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Disclaimer
The content is for informational purposes only and does not constitute financial advice. Please consult a professional advisor before making investment decisions.
