Business Daily from THE HINDU group of publications
Saturday, Oct 04, 2008
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Business Daily from THE HINDU group of publications Saturday, Oct 04, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stock Markets Markets - Foreign Institutional Investors 
Our Bureau Mumbai, Oct. 3 Heavy selling by foreign institutional investors (FIIs) drove the benchmark index down by four per cent on Friday. FIIs were net sellers of equities worth Rs 1,662.26 crore while the domestic institutional investors were net buyer of shares worth just Rs 56.75 crore. A dealer said weak global sentiment and lack of buying support wiped out the gains of the last two trading sessions. Investors fear that the global financial turmoil may continue even after the US bailout package is passed. The Sensex and Nifty had bounced back in the previous two trading sessions from an 18-month low on confidence building statements issued by the Government and the financial regulators. The Sensex opened lower on Friday, tracking the more than four per cent fall in the overnight US market and the lower opening of the Asian markets. The sentiments were down as investors waited for the passage of the proposed US administration’s revised $700-billion bailout package in the House of Representatives; the earlier package had been rejected by the same house but later it was cleared by the Senate. The benchmark index closed 530 points lower at 12,526. Nifty closed 3.35 per cent lower at 3,818. “Redemption pressure on FIIs led to selling in the large-cap stocks, basically its liquidity driven rather than fundamentals,” said analyst. Tata Steel shares plunged more than 10 per cent, Reliance Industries, which has significant weightage on the Sensex, too fell by 7.62 per cent. FIIs pull out $2 billion from equities FIIs continue to press selling button Nightmare on Wall Street More Stories on : Stock Markets | Foreign Institutional Investors
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