Indian equity markets witness FIIs selling funds worth $22.39 mn
Indian equities markets saw overseas funds turn net sellers during the week ended Friday even as benchmark indices lost 4.5 percent amid a global sell-off.
Mumbai: Indian equities markets saw overseas funds turn net sellers during the week ended Friday even as benchmark indices lost 4.5 percent amid a global sell-off.
Foreign institutional investors (FIIs) sold off USD 22.39 million in a week after the US Federal Reserve said the world economy could slip into another bout of recession sparked off a selling spree.
Also the rupee weakening to hit 50 a dollar made investors nervous.
For the month, however, FII inflows were positive at USD 379.89 million. This is still a decent month as far as inflows go, if compared to the USD 2.39 billion FIIs sold in August.
During the week, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) tumbled 4.56 percent or 771.77 points in the weekly trade and closed at 16,162.06 points.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty also fell almost five per cent in the weekly trade.
FII inflows have been tardy in 2011.
The net inflows till the last week of August from overseas institutional buyers had turned negative, compared to the record USD 28.83 billion overseas funds pumped into the Indian markets in 2010.
However, in September, FIIs have showed better buying appetite and the net inflows for 2011 as on Sep 23 now stand at a little over USD 424.2 million.