By Vineet Kumar 
Domestic Institutional Investors (DIIs) made a strong statement in the market on November 22, net buying shares worth ₹1,722 crore. In contrast, Foreign Institutional Investors (FIIs) continued their selling spree, offloading ₹1,278 crore worth of equities, as per provisional data from the NSE.
On the trading floor, DIIs were highly active, purchasing equities worth ₹12,251 crore and selling ₹10,529 crore worth. FIIs, meanwhile, bought shares valued at ₹16,985 crore but sold off a larger chunk worth ₹18,263 crore. For the year to date, the trend has been consistent: FIIs have net sold a staggering ₹2.94 lakh crore, while DIIs have stepped up, net buying shares worth ₹5.62 lakh crore.
The markets responded with a bang. The Sensex skyrocketed by 1,961.32 points (2.54%) to close at a record high of 79,117.11, and the Nifty surged by 557.40 points (2.39%) to finish at 23,907.30—its best single-day rally in over five months.
Winners and Losers
Leading the charge on the Nifty were heavyweights like State Bank of India, TCS, ITC, UltraTech Cement, and Titan Company, all registering significant gains. On the flip side, Bajaj Auto stood out as the only loser in the pack. Midcap stocks had their moment too, with the BSE Midcap index rising 1.3%, while the Smallcap index climbed nearly 1%. Across sectors, it was a sea of green: PSU Banks, IT, FMCG, energy, and real estate stocks all surged by 2-3%.
What Sparked the Rally?
The rally was largely fueled by a rebound from oversold levels. Large-cap stocks, which had been under pressure, suddenly looked attractively priced. Take TCS, for example, which had faced headwinds but saw renewed buying interest. Geopolitical concerns, which had been weighing on sentiment, appeared to have been priced in. Moreover, the storm surrounding Adani Group allegations seems to have settled, at least for now, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
Broader Market Sentiment
The markets are benefiting from a combination of improved valuations and a calming of external uncertainties. For instance, investors who had been sitting on the sidelines are now finding value in beaten-down stocks like ITC, a defensive play in the FMCG sector, or UltraTech Cement, which is benefiting from infrastructure spending.
In short, it was a day that reminded investors of the resilience of Indian equities, as domestic players stepped up to counter foreign outflows and drove a broad-based rally across sectors.
