The Hindu Business Line : FIIs continue selling spree

Mumbai, Sept. 18 The panicking FIIs seem to be desperate to exit their positions as it is quiet evident from the increasing list of bulk deals on both the NSE and BSE where they have been selling the past few days.

Morgan Stanley, which sold quite a bit on Wednesday, showed up an even bigger selling list on Thursday. The other FIIs that have offloaded include Goldman Sachs, Merrill Lynch, Macquarie and Citigroup. However, Deutsche Securities was seen buying.

The FIIs have sold close to Rs 8,400 crore in equities in a week and the Sensex has tanked more than seven per cent.

Of the stocks that Morgan Stanley (Mauritius) sold on the BSE on Thursday are Adhunik Metaliks, DS Kulkarni Developers, Electrosteel Castings, KS Oils, Lakshmi Overseas Industries, GTL Ltd, Nagarjuna Fertilisers and Chemicals, Rolta India, and S Kumar.

On the NSE, this list was even bigger. The stocks sold by Morgan Stanley on Thursday include Aptech, Jai Corp, JM Financial, Jai Prakash, NIIT, Reliance Capital, Suzlon and many others. According to reports, Morgan Stanley sold for Rs 871 crore on Wednesday. They sold stocks of Educomp Solutions, Jindal Saw, Gujarat NRE Coke Pantaloon Retail, Subhash Projects and United Spirits on BSE.

The share prices of most of these stocks have taken a beating in the past week, since the selling has intensified. DS Kulkarni Developers has fallen 15.74 per cent during this period, Adhunik Metaliks down 22.71 per cent, IFCI down 22.77 per cent, Rolta India down 12.22 per cent, Nagarjuna Fertilisers down 13.13 per cent. The Sensex during this period has dipped seven per cent.

Deutsche Securities bought ICSA, Jai Corporation, Prakash Industries and Reliance Capital, while their name has not appeared on the sell side as per data available on the NSE today.

On the BSE, they bought stocks such as Adhunik Metaliks, DS Kulkarni and ORG Informatics.