FIIs snap five-day selling streak in Indian shares

Foreign investors bought 107.5 million rupees worth of Indian shares on Thursday to snap their five-day selling streak totalling $542 million in secondary markets, provisional exchange and regulatory data shows.

Reuters| Last Updated: Feb 07, 2014, 11:02 AM IST

Mumbai: Foreign investors bought 107.5 million rupees worth of Indian shares on Thursday to snap their five-day selling streak totalling $542 million in secondary markets, provisional exchange and regulatory data shows.

Analysts say with Nifty taking support at 200 day moving average, any follow up buying by foreign institutional investors (FIIs) will help reverse the short-term trend which had turned down.

The Nifty took support at its 200 day moving average for a third consecutive day on Thursday.

"The recent bout of FII selling is more related to global factors of tapering and China slowdown, not due to India issues," said Premal Madhavji, head of equities at Espirito Santo Securities

Most likely outflow are those of short-term ETF money, not long only selling, Madhavji added.