Foreign institutional investors (FIIs/FPIs) continued their buying momentum in Indian equities on July 7, emerging as net buyers for the second consecutive trading session. According to provisional exchange data, FIIs recorded a net equity purchase of Rs 393.19 crore, reflecting sustained foreign interest in domestic markets despite recent volatility.

During the session, foreign investors purchased equities worth Rs 18,414.01 crore and sold shares worth Rs 18,020.82 crore, resulting in a net inflow of Rs 393.19 crore.

Domestic institutional investors (DIIs), on the other hand, turned net sellers after several sessions of consistent buying. DIIs purchased shares worth Rs 18,897.44 crore while selling equities worth Rs 19,280.87 crore, leading to a net outflow of Rs 383.43 crore.

On a year-to-date basis, FIIs/FPIs have remained net sellers in Indian equities with cumulative outflows of approximately Rs 3.47 lakh crore. In contrast, DIIs have continued to provide support to the market, recording cumulative net purchases of around Rs 4.66 lakh crore during the same period.

Indian benchmark equity indices closed higher on July 7, supported by gains in financial and automobile stocks as investors positioned themselves ahead of the June quarter corporate earnings season. The BSE Sensex advanced 270.01 points, or 0.35%, to close at 77,732.95, while the NSE Nifty 50 gained 61.20 points, or 0.25%, to settle at 24,193.30.

According to Bajaj Broking, the Nifty is expected to consolidate after rallying nearly 1,500 points over the past five weeks. The brokerage expects the index to trade in the 24,200–24,600 range in the near term, while maintaining a constructive medium-term outlook. It believes declines towards the 24,200–24,000 zone could provide accumulation opportunities for quality stocks, whereas a sustained move above 24,600 may open the way for a further advance towards the 24,800 level.