FIIs pouring money into India as US tapering fears recede
21 Oct 2013
Foreign institutional investors (FIIs) have pumped in nearly Rs7,000 crore ($1.12 billion) into the Indian equity market since the beginning of October, tracking global cues, including easing of concerns over the US tapering.
On Friday alone, FIIs bought Indian cash shares worth Rs1,752 crore, marking their biggest single-day buying in over a month.
FIIs bought the most in a day since 19 September, an eleventh consecutive session of purchases, bringing their total to Rs9,310 crore, Securities & Exchange Board of India data released on Saturday show.
With this, the total foreign investment in the country's stock market has reached to Rs80,174 crore ($14.77 billion) so far in 2013.
During October 1-18, Foreign institutional investors (FIIs) were gross buyers of equities worth Rs31,826 crore while they sold Rs24,879 crore of bonds at the same time, resulting in a net inflow of Rs6,946 crore ($1.12 billion).
However, FIIs have pulled out Rs6,877 crore from the debt securities during the month. This takes the net outflow to Rs43,454 crore from the debt market since the beginning of the year.
FIIs are the main drivers of the Indian stock market. As of 18 October, the number of registered FIIs in the country stood at 1,744 and the total number of sub-accounts at 6,360.