Effect of the Adani megablock deal: FIIs spend 12,350 crore in Indian markets today; DIIs prolong selling

On Wednesday, foreign institutional investors (FIIs) spent a total of 12,350 crore rupees buying up a large number of shares of Indian public companies. This also included the mega block purchase that was completed in Adani Green Energy, which is funded by the Adani Group. On the other hand, domestic institutional investors (DIIs) increased the amount of money they sold, reaching more than 1,021 crore. Both the Sensex and the Nifty 50 reached fresh all-time highs thanks to vigorous purchasing activity across a variety of market segments.

According to the data provided by the NSE, the total value of FII purchases came to 21,017.34 crore, while the total value of FII sales was 8,667.34 crore, resulting in a net inflow of 12,350 crore.

On the other hand, domestic institutional investors (DIIs) spent a total of 13,978.21 crore and loaded a total of 14,999.22 crore worth of securities. As a result, they made 1,021.01 crore off of the sale.

Today, a major block deal worth 1,099.81 crore was completed on the NSE involving an investment in Adani Green Energy by Goldman Sachs GQG Partners International Opportunities Fund.

However, the Adani Family Trust sold shares in the mother business, Adani Enterprises, for a total of 4,140 crore, while Innite while Investment sold a stake in Adani Green for a total of 4,232.13 crore.

During the trading session on June 28th, robust purchasing in heavyweights and robust foreign funds ow as well as a sharp narrowing in the current account decit buoyed the morale of the broader markets. A positive tone prevailed across the board across all of the sectoral indices. The Sensex reached a new all-time high of 64050.44 before finishing the day at 63,915.42; this is an increase of 499.39 points, or 0.79%. After reaching a new record high of 19,011.25, the Nifty 50 finally closed at 18,972.10, an increase of 154.70 points, or 0.82%, from its previous closing price.

S Ranganathan, Head of Research at LKP Securities, made the following statement in reference to the performance: "As Benchmark Indices scaled new highs in trade today, the sheer buoyancy of stock prices even in the broader markets made several experienced investors waiting on the sidelines for a meaningful correction mere spectators." The Financial Services Index came very close to reaching 20,000 points today, which would put it in the company of all-time highs. This comes despite the fact that the monsoon appears to be making up for lost ground in some regions of the country. During today's trading, investors saw a listed airline in India surpass a market capitalization of one lakh crore (Indian rupees).

The day before, foreign institutional investors (FIIs) put in 2,024.05 crore while domestic institutional investors (DIIs) sold 1,991.35 crore.

The move implies that bulls are in control, but the lack of decisiveness in the banking pack at the higher level is curbing the momentum, according to Ajit Mishra, who is the Senior Vice President of Technical Research at Religare Broking Ltd. Our optimistic outlook remains, and we offer suggestions for adjusting positions accordingly. Traders, on the other hand, shouldn't go crazy and should keep their attention fixed on risk management, noting the fact that events occurring in the following month are likely to give additional triggers that will further fuel this rise. Information Technology (IT) and Banks are currently the Sectors to Keep an Eye on. The information technology sector has a low ownership rate and has not yet joined the upswing. Banks, on the other hand, have the biggest weightage in the index and are most likely going to undertake the most of the work from here on out.

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