Business Daily from THE HINDU group of publications
Thursday, Sep 27, 2007
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Business Daily from THE HINDU group of publications Thursday, Sep 27, 2007 ePaper |
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Stock Markets Markets - Foreign Institutional Investors
Kumar Shankar Roy
The Sensex shot past 17000-mark for the first time in its history on Wednesday within a week of it breaking through the psychological 16,000 barrier. Egged on by foreign institutional investors who have pumped in over Rs 1,100 crore for each of the last five sessions, the bellwether index notched up an impressive strike-rate as if to mirror the nation’s obsession with the latest form of cricket. The rise of the index from a modest 1000 to 17000 has taken a little more than 17 years, starting from July 1990 to September 2007. Back in 1999, Sensex took over 2,500 days to make the journey from 4000 to 5000 . The 7000-mark was made over 1,900 days, from the 6000 level. Smooth rideBut after that, it has been relatively smooth sailing for the Sensex, as India has consistently been on the radar of the FIIs. Before Wednesday’s record, Sensex had sprinted from 11000 to 12000 in a mere 19 sessions (30 days). Not only is the journey to17000 the quickest ever 1000-point trek for the Sensex, the stupendous rise of the domestic market this year has been largely fuelled by Foreign Institutional Investors who have put in a record $11 billion till September 25 in 2007. In dollar terms, this is easily the largest amount invested by the FIIs in any calendar year. Year 2005 comes as a close second when FIIs had pitched in $10.7 billion. In terms of money invested for every 1000-point climb, FIIs pumped in Rs 26,018 crore to take the Sensex from 14k-15k, but with just Rs 180 crore invested in every session. The move from 15k to 16k saw FIIs invest Rs 238 crore for each of the 52 trading sessions. More Stories on : Stock Markets | Foreign Institutional Investors
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