Business Daily from THE HINDU group of publications
Thursday, Jul 09, 2009
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Business Daily from THE HINDU group of publications Thursday, Jul 09, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Foreign Institutional Investors Markets - Stock Markets 
Our Bureau Mumbai, July 8 The Sensex dropped 401 points on Wednesday, only a two days after it lost close to 900 points, falling below the 14,000-mark as foreign institutional investors continued to shed stocks. FIIs have sold Indian equities worth Rs 3,232 crore in the net since Budget day. FIIs, whose investments had swept the market up since the election results, are now booking profits, said Mr G. Chokkalingam, Head of Equity Research at Barclays Wealth. “We do not believe that it is on account of any negative view on India.” Investors shed especially those stocks that had seen an unusual run-up over the last two months. They included SBI, ICICI, L&T, Suzlon and RNRL. Bank stocks were down as investors were nervous about the impact of the Government’s borrowing programme on the financial sector. “Investors who bought before the elections are booking profits now as the markets are still trading higher than what they were two months back,” said Mr Krish Shanbhag, Head of Research at Antique Stock Broking. Global cues kicked in as well, and the domestic stock indices followed the trail of the Dow, which closed lower on Tuesday on concerns regarding US economic recovery; and of the Asian indices, which were in the red on Wednesday. DIIs were net buyers again for Rs 594 crore and FIIs net sellers for Rs 828 crore on the exchanges. Short-term support at 14,000 for Sensex Domestic institutions, retail traders capitalised on big fall Market awaits Budget signals for new drive More Stories on : Foreign Institutional Investors | Stock Markets
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