FPIs Turn Net Buyers As Election Uncertainty Abates, Markets End Week At Record High

Overseas investors turned net buyers of Indian equities on Friday after three consecutive sessions of selling.

Foreign portfolio investors mopped up stocks worth Rs 4,391 crore, according to provisional data from the National Stock Exchange. In the last three sessions, FPIs sold over Rs 24,960.2 crore.

The FPIs turned net buyers after the uncertainty around government formation ended with Narendra Modi set to take oath as the Prime Minister for the third time.

The markets on Friday almost fully wiped out the losses witnessed on Tuesday and closed at a record high.

On the other hand, domestic institutional investors turned net sellers after two sessions and offloaded equities worth Rs 1,289.8 crore, the NSE data showed.

Foreign institutions have been net sellers of Rs 38,158 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The benchmark equity indices recovered from their losses on counting day and recorded their highest close on Friday as heavyweights led the rally.

The NSE Nifty 50 closed 468.75 points, or 2.05%, up at 23,290.15, while the S&P BSE Sensex ended 1,618.85 points, or 2.16%, higher at 76,693.36.