FIIs bought ₹1,165.92 crore of Indian equities on a net basis on Oct 16, according to provisional exchange data. They purchased ₹19,951.59 crore and sold ₹18,785.67 crore during the session. DIIs, on the other hand, net sold ₹3,661.28 crore, buying ₹17,201.80 crore against ₹20,863.08 crore sales, reversing their net gain of ₹3,319.39 crore from Thursday.
The inflows lifted the benchmark indices. The Sensex rose 413 points to 74,729, while the Nifty gained 149 points to 23,146, crossing the 23,100 threshold. Midcap index slipped 67 points to 59,130, and the Nifty Bank index edged up 33 points to 55,844 ahead of key banking earnings.
IT shares led the rally, with the Nifty IT index up almost 4% for the fourth straight day. Tech Mahindra surged 7% after announcing its Q2 results and a bonus issue, while Tata Consultancy Services has climbed 19% since its October 8 earnings release. The bullish momentum also carried other tech names like Wipro, which rose 6% after signalling a shift of deferred deals into Q4.
Capital‑market names were in retreat amid a revised consolidated account statement framework, with the BSE falling over 2%. Jewellery plays such as Senco Gold and Sky Gold gained more than 5% each, and Federal Bank edged higher following better‑than‑expected Q2 earnings. Onward Technologies experienced a 20% surge following strong quarterly results, while Angel One fell 4% after reporting weak Q2 operating numbers.
Looking ahead, investors are eyeing the upcoming earnings calendar, with major banks slated to report Q4 results in the coming weeks. The recent shift in FII and DII flows suggests a cautious appetite for risk‑heavy names, but the sustained IT rally could keep the Nifty buoyant. Market watchers will monitor whether the net inflow trend continues or reverts to selling pressure as the fiscal year closes.