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Mumbai March 2

The past week saw selling by foreign institutional investors with over Rs 3,000 crore being pulled out of the market since Monday. The selling has been attributed to weak global markets.

"There has been unloading mainly on account of the situation in the global markets. The markets are very choppy; hence in order to avert risk, selling has been taking place," said Mr Alok Vajpeyi, MD and VC, Dawnay Day AV Financial Services Pvt Ltd. He added the bearishness has nothing to do with the Budget announcements.

For March 2, FIIs' have been net sellers at Rs 612.7 crore, according to provisional figures on the NSE.

"Generally, the market has been over-heated and this is the correction phase. Markets are definitely volatile and selling has been a reaction to the global market scenario," said Mr Rajen Doshi, Country Head-India, Nikko AM.

More Stories on : Foreign Institutional Investors | Stock Markets

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