Financial Daily from THE HINDU group of publications
Wednesday, Jun 02, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jun 02, 2004 |
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Stock Markets Markets - Foreign Institutional Investors FIIs turn net sellers in May G. Madhan
FOR the first time in 17 months, foreign institutional investors (FIIs) remained net sellers in Indian equity markets in May 2004. Driven by political uncertainty and triggered by the possibility of increase in the US interest rates, FIIs redeemed equity to the tune of Rs 3,251 crore during May. Close to 30 per cent of the sales took place on May 13 and 14. On May 17, when the Sensex lost 564 points, the net sales of the FIIs were only to the tune of Rs 63.5 crore. Of the total 21 days of trading on the bourses during May 2004, the FIIs were net buyers only for five days. The FII action in May also represents a flip-flop compared to what they did in April, when they remained net buyers to the tune of Rs 4,173 crore. However, for the one year ending May 2004, the FIIs have remained net buyers to the extent of Rs 41,771 crore. The last time FIIs were net sellers (in October 2002), the redemption was on a much lower scale at Rs 776 crore.
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