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FIIs on a sell-off streak, withdrawn Rs 8,206 crore in August so far
Foreign institutional investors (FIIs) sold shares net worth Rs 8,206.74 crore till August 18, 2011 as per the data provided by the stock exchanges.
The dip in FII activity was due to higher gross sales than gross purchases. Gross purchases made by FIIs till August 18, 2011 were Rs 26,233.47 crore, whereas gross sales counted to Rs 34,440.21 crore.
The highest fall in FII activity was seen on Tuesday, August 9, 2011 after S&P downgraded US following the massive sell-off in US a day before. There was an outflow of Rs 2,104.56 crore in a single day. Gross sales were Rs 4514.62 crore while gross purchases were Rs 2410.06 crore.
The BSE Sensex had fallen 465.07 points or 2.69% from August 8, 2011 to August 7, 2011, its lowest closing level since 9 June 2010. Since then, selling streak by the FIIs in India has continued following global sell-off.
There is a growing fear that FII surrender and global sell-off may drag the market further and accentuate selling pressure, say experts.
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