Home Economy Overseas funds sell $22.39 million in equities

Overseas funds sell $22.39 million in equities


Mumbai : Indian equities markets saw overseas funds turn net sellers during the week ended Friday even as benchmark indices lost 4.5 percent amid a global sell-off.

Foreign institutional investors (FIIs) sold off $22.39 million in a week after the US Federal Reserve said the world economy could slip into another bout of recession sparked off a selling spree.

Also the rupee weakening to hit 50 a dollar made investors nervous.

For the month, however, FII inflows were positive at $379.89 million. This is still a decent month as far as inflows go, if compared to the $2.39 billion FIIs sold in August.

During the week, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) tumbled 4.56 percent or 771.77 points in the weekly trade and closed at 16,162.06 points.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty also fell almost five percent in the weekly trade.

FII inflows have been tardy in 2011.

The net inflows till the last week of August from overseas institutional buyers had turned negative, compared to the record $28.83 billion overseas funds pumped into the Indian markets in 2010.

However, in September, FIIs have showed better buying appetite and the net inflows for 2011 as on Sep 23 now stand at a little over $424.2 million.