Mumbai, May 16 : Domestic institutional investors (DIIs) continued to cushion domestic equity markets with net purchases worth Rs 18,520 crore during the week, even as foreign institutional investors (FIIs) remained net sellers amid elevated market volatility and persistent global uncertainties.

According to provisional exchange data, FIIs offloaded equities worth Rs 13,580 crore during the week, while DIIs remained net buyers.

In May, FIIs have sold equities worth Rs 24,660 crore, whereas DIIs have infused Rs 39,920 crore into domestic markets so far.

FIIs remained net sellers during the first three trading sessions of the week, with cumulative outflows of nearly Rs 15,100 crore.

However, foreign investors turned net buyers in the final two sessions, recording inflows of Rs 1,520 crore.

Meanwhile, DIIs remained net buyers in four out of the five trading sessions last week. They turned net sellers only on Friday, with outflows of Rs 1,960 crore.

Analysts said that markets witnessed heightened volatility during the week amid rising crude oil prices, a weakening rupee, ongoing geopolitical tensions in West Asia and uncertainty surrounding high-stakes US-China diplomatic talks in Beijing.

"Nifty started the week on a weak note and touched an intra-week low of 23,263 during Wednesdayâ??s session. Although the benchmark index witnessed a sharp rebound on Thursday, it failed to sustain momentum and eventually ended the week 2.2 per cent lower," they said.

The experts further noted that institutional flows are likely to remain sensitive to developments related to US-Iran tensions, crude oil price movement and the ongoing quarterly earnings season.

In addition, domestic equity benchmarks extended their losses for another week, with Nifty 50 falling 2.2 per cent or 532 points to settle at 23,643.5, while Sensex declined 2.7 per cent or over 2,000 points to close at 75,238 compared to the previous Fridayâ??s close.

/IANS