FIIs high on India, buying crosses $2-billion mark

Written by fe Bureau | Mumbai | Updated: Mar 20 2014, 09:32am hrs
Foreign institutional investors (FIIs) buying spree, which began on February 12, has crossed the $2-billion mark. As per the latest Sebi data, FIIs have bought $2.3 billion over the last 24 sessions, taking their year-to-date purchases to $1.97 billion.

According to the provisional data on the BSE, FIIs bought another $175 million on Wednesday. Domestic institutional investors (DIIs) have been net sellers at $1.3 billion since February 12. DIIs selling crossed the $1-billion mark on Wednesday.

Experts remain bullish on the markets and expect the rally to continue. The rally is likely to sustain as long as there is no challenge to the expectations that Modi will come to power in the elections. From current levels, Nifty can be trading between 6,800 and 6,900 on the eve of the election results, said Raamdeo Agrawal, joint MD, Motilal Oswal Financial Services.

Benchmark indices have gained more than 7% over the last 24 sessions. The BSE benchmark, the Sensex has gained 7.22%, while the Nifty has gained 7.61%.