Overseas investors turned net buyers again on Monday after snapping the longest buying spree of 16 days in 2023 on Friday.
Foreign portfolio investors mopped up equities worth Rs 922.9 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the second straight day and bought Rs 604.57 crore worth of equities.
Institutions have bought Rs 31,698 crore worth of equities in May so far and have been net buyers of Rs 17,119 crore worth of Indian equities till date in 2023.
Overseas investors net bought stocks worth $3.01 billion, or Rs 24,739 crore, in the first half of May—the highest buying since November 2022—according to data from the National Securities Depository Ltd.
During the first half of May, the NSE Nifty 50 rose 1.85%, Bloomberg data showed.
"Relentless FPI buying, declining inflation, the market momentum and good results from the rally-leader financials can sustain this rally even with occasional corrections," VK Vijayakumar, chief investment strategist at Geojit Financial Services Ltd., said.
"The near-term uncertainty makes the market direction a bit confusing, but for long-term investors, this is a good 'buy on dips' market."
The BSE Sensex closed 234 points up, or 0.38%, at 61,963.68, while the NSE Nifty 50 ended higher by 111 points, or 0.61%, at 18,314.40.
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