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FE Investor Bureau
In a complete reversal of trend of net outflows during the previous weeks, foreign institutional investors (FIIs) turned net buyers to the tune of Rs 48.2 crore during the week ended October 23. In dollar terms, this translates into a net inflow of $ 11.3 million aganist net outflows of $ 78.3 million and $ 52.8 million during the weeks ended October 9 and October 16, respectively.
The positive inflows are all the more significant since the money was invested during a week when there were only two trading days on the BSE and three on the NSE. Contrary to the popular perception that FIIs were willing to sell their holdings even at the 2800 level, foreign funds seized upon the opportunity to pick up stocks at attractive valuations. As the market sentiment is on the rise after the buy-back announcements and other economic revival measures currently in the process of implementation, the market is likely to witness a surge in FII inflows in the coming weeks. As per the statistics released by the Sebi on October27, after selling debt instruments heavily since the beginning of the year, the FIIs remained totally inactive in this segment during the week to October 23. During the week ended October 23, the FIIs had purchased equities worth Rs 198.1 crore and sold equities worth Rs 149.9 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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