FIIs snap 32-day buying streak, sell shares worth Rs 598 mn

Reuters Posted online: Friday, Nov 22, 2013 at 0000 hrs
Mumbai : Foreign institutional investors (FIIs) sold shares worth of Rs 598 million on Thursday to snap their 32-day buying streak totalling Rs 238.84 billion, exchange and regulatory data shows.

Waning risk appetite from foreign investors is reviving concerns about India's vulnerability when the Federal Reserve begins to taper its monetary stimulus given the country's dependence on overseas flows to bridge its current account deficit.

Also, they sold index futures worth 11.89 billion rupees on Thursday and stock futures worth 9.19 billion rupees over the previous three sessions.

Some traders also cited heavy basket selling by foreign investors in the Nifty, meaning sales of entire batches of shares by investors over the last two sessions, in which the index fell 3.3 percent, marking its lowest close in a week.

FIIs have pumped a net $6 billion into cash shares since late August, helping the Sensex hit a record high on November 3.