Domestic investors save the day for markets; pours in Rs 545 crore

After witnessing a severe drubbing in the last session, domestic institutional investors (DII) saved the day for the stock market on Friday with a net investment of Rs 545 crore.

The BSE benchmark Sensex today managed to end 34 points higher at 22,986.12, a day after recording, but logged its biggest weekly fall in over six years as fears of a global slowdown and disappointing quarterly numbers of blue-chip stocks, especially banks, hammered stocks during the week.

According to data available with the BSE, DII's bought shares worth Rs 2,916.73 crore, while they sold shares for Rs 2,371.66 crore, resulting in a net inflow of Rs 545.07 crore. On the other hand, foreign portfolio investors bought shares for Rs 4,689.99 crore, while they sold shares worth Rs 5,088.36 crore, translating into a net outflow of Rs 398.37 crore.

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The NSE Nifty moved up marginally by 4.60 points or 0.07% to close at 6,980.95 still closing at 21-month low. "Following yesterday's panic sell off, buyers were obviously reluctant early in the day. However, as the day progressed, the falls were deemed overdone, attracting value buying and short covering," said Anand James, Co Head Technical Research Desk, Geojit BNP Paribas Financial Services Ltd.

Sinking to its lowest level in 21 months, Sensex on Thursday crashed 807 points to drop below 23,000-mark as concerns over global economy and mounting bad loans wiped off over Rs 3 lakh crore from the wealth of panic-stricken investors.