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Thursday, October 01, 2009

FIIs step up buying

Inflow of Rs 1508.90 crore on 30 September 2009

Foreign funds continue to pump in large sums of money in Indian stocks on expectations of a turnaround in the economy after last year's slowdown. Foreign institutional investors (FIIs) bought stocks worth a net Rs 1508.90 crore on Wednesday, 30 September 2009, higher than Rs 1102.50 in the preceding trading session on Tuesday, 29 September 2009.

The net inflow of Rs 1508.90 crore on 30 September 2009 was a result of gross purchases Rs 4687.90 crore and gross sales Rs 3179 crore. The market surged that day on optimism about Q2 September 2009 which will start trickling in from the second week of October 2009. A decent listing of Oil India which settled at a premium of 8.62% over the initial offer price (IPO) of Rs 1,050 also supported market. The BSE Sensex jumped 273.93 points or 1.63% to 17126.84, its highest closing since 21 May 2008.

Some large initial public offers and placement to qualified institutional investors by India Inc in recent past also attracted huge FII inflows. FII inflow in the calendar year 2009 has reached Rs 60125.60 crore so far in contrast to an outflow Rs 36707.50 crore in the corresponding period last year. The inflow includes subscription by foreign funds to American depository receipts and global depository receipts of listed Indian firms.

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