Domestic institutional investors (DIIs), meanwhile, continued to provide support, emerging as net buyers to the tune of ₹3,159.24 crore.
Wednesday marked the third consecutive session of FII selling, after overseas investors pulled out ₹2,557 crore on Tuesday. Although DIIs remained firmly on the buying side, their purchases moderated from ₹6,842 crore in the previous session to ₹3,159.24 crore.
Despite continued foreign outflows, domestic equity benchmarks rebounded, snapping a two-day losing streak as gains in heavyweight financials, Reliance Industries and automobile stocks outweighed weakness in information technology shares.
The BSE Sensex climbed 444 points to close at 76,923, while the Nifty 50 gained 140 points to reclaim the 24,000 mark, ending the session at 24,006. The Nifty Bank outperformed the broader market, rising 490 points to 58,033, while the Nifty Midcap index advanced 211 points to settle at 62,009.
Auto stocks also lent support after reporting healthy June sales numbers. Mahindra & Mahindra and Maruti Suzuki gained around 2% each, while Ashok Leyland rose 3% after reporting a more than 25% year-on-year increase in total vehicle sales to 19,194 units.
FIIs pull out over ₹5,000 crore this week
FIIs have remained net sellers throughout the week, withdrawing a cumulative ₹5,047.60 crore over the first three trading sessions.
They sold ₹1,350.10 crore on Monday, followed by ₹2,557 crore on Tuesday and ₹1,140.50 crore on Wednesday.
DIIs, meanwhile, continued to offset the foreign outflows, purchasing a cumulative ₹12,802.69 crore worth of equities during the period. Their buying included ₹2,801.45 crore on Monday, ₹6,842 crore on Tuesday and ₹3,159.24 crore on Wednesday.
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