$2 billion 'vanishes' in two days: With markets sinking for an 8th week, is this the end of the rally?
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Foreign institutional investors pulled out $2 billion from Indian equities in two days as Nifty and Sensex face an eighth straight weekly fall.
- ✓V K Vijayakumar said, "In the context of the 10-year US bond yields hovering around 5.2%, this FIIs selling is a rational act.” High oil prices also hurt.
Story at a Glance
- Category
- MARKET
- Reported By
- The Economic Times
- Reading Speed
- 6 Minute(s)
- Market Focus
- India Economy
Foreign institutional investors have pulled out a baffling $2 billion or over Rs 20,000 crore, from Indian equities in the last two trading sessions as the Nifty and Sensex head for an eighth straight weekly fall, their first since 2001.
Provisional data from the exchanges showed that FIIs pulled out over Rs 10,148 crore on Wednesday and about Rs 10,743 crore a day earlier, taking this week’s total FII selloff to over Rs 26,000 crore.
Why are FIIs escaping India?
"The sharp correction in Nifty in September, so far, was triggered mainly by elevated crude and high US bond yields. The correction turned intense during the last few days when FIIs turned big sellers," said V K Vijayakumar, chief investment strategist at Geojit Investments.
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The Economic Times
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