Foreign institutional investors (FIIs) brought $3 billion Indian equities over the past 10 sessions even as the US Federal Reserve have raised the key policy rates to fight out inflation.

Between October 20 and November 2, FIIs bought $2.74 billion in equities, according to data from NSDL. Provisional data from the National Stock Exchange showed that on November 3, foreign investors bought around Rs 677 crore of Indian equities.

Foreign portfolio investment activity in the secondary markets over the last few days has been subdued, but the flows in the primary markets have been large, reflecting their subscription to the recent initial public offerings (IPOs), including PayTM’s," said Deepak Jasani, head, retail research, HDFC Securities

Markets were volatile last month but turned green in the last few sessions it started trading higher. From October 1 to 13, both the Sensex and Nifty were down nearly 0.5 percent each, but started gaining from then. Investors were cautious due to weakness in the broader indices as mid- and small-cap companies continued to underperform bluechip stocks.

Since October 13 till date, both the BSE MidCap and SmallCap are up just 3.5 percent and 2 percent, respectively. Over that same period, both the Sensex and Nifty gained in 11 out of 15 sessions and rose over 6 percent each. The Sensex touched the key 61,000-point mark while the Nifty hit the 18,000 mark, just 1 percent away from its all-time high.

Source- Money control