Foreign funds net sold in Indian stocks in the cash market to the tune of Rs 1662 crores on Thursday, the highest net sell figure since July 2. Aggressive buying by domestic institutions prevented a sharp fall in Indian equities. This was a second day in a row that foreign funds have net sold in Indian shares.
Thursday's sell figure may largely have to do with worries over earlier than expected interest rate rise in the US, after GDP figure in the US remained robust. Higher interest rates in the US would not be good news for Indian equities as foreign funds might sell equities, especially emerging market equities.
The rupee meanwhile hit a 3-month low of 60.76 against the dollar, as European and US stocks saw huge losses, after worries in the Portgual Banking sector and a Argentina default surfaced. Fears of deflation in Europe also pushed investors to sell equities and buy the dollar.
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