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Indian equity markets extended their winning streak for the fourth straight session on April 17, supported by strong gains in banking and oil & gas stocks. Benchmark indices Nifty and Sensex rallied further, adding approximately ₹4.96 lakh crore to the total market capitalisation.
According to data from Moneycontrol, Foreign Institutional Investors (FIIs) were net buyers on the day, purchasing shares worth ₹18,210 crore and selling shares worth ₹13,542 crore, resulting in a net inflow of ₹4,667 crore. In contrast, Domestic Institutional Investors (DIIs) recorded a net outflow of ₹2,006 crore, after buying shares worth ₹13,773 crore and selling ₹15,779 crore.
For the year so far, FIIs remain net sellers with an outflow of ₹1.60 lakh crore, while DIIs have continued to support the market with net inflows amounting to ₹1.99 lakh crore.
Sector Performance
The Bank Nifty index emerged as the top gainer, climbing more than 2 percent. The rally was primarily driven by heavyweight stocks such as HDFC Bank and ICICI Bank, ahead of their quarterly earnings on April 19. Other sectors including Auto, Pharma, Oil & Gas, and PSU Banks posted notable gains of over 1 percent each. The Nifty FMCG, Metal, and Realty indices also ended in the green, rising by 0.7 percent.
Midcap and Smallcap stocks mirrored the broader market sentiment, with the Nifty Midcap 100 and Smallcap 100 indices gaining 0.6 percent and 0.4 percent respectively.
Nifty IT was the only sectoral laggard, slipping by 0.35 percent, weighed down by a cautious business outlook from Wipro.
Expert View
“The rally appears to be more than just a short-term pullback, as it is supported by broad-based participation, especially from large-cap names and banking and financial stocks. The Bank Nifty index is now trading close to its all-time high, reflecting strong sectoral support,” said Ruchit Jain, Vice President of Technical Research at Motilal Oswal.
Disclaimer:
The views and investment tips expressed by experts are their own and not those of Jobaaj or its editorial team. This article includes data sourced from Moneycontrol.com. Investors are advised to consult certified financial advisors before making any investment decisions.
