Business Daily from THE HINDU group of publications
Tuesday, Feb 19, 2008
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Business Daily from THE HINDU group of publications Tuesday, Feb 19, 2008 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Foreign Institutional Investors Sudhanshu Ranade
Chennai, Feb. 18 According to SEBI data, net FII purchases dwindled from Rs 32,000 crore between July and September 2007 to Rs 20,000 crore in the October-December quarter. However, the value of FII holdings in S&P CNX 500 stocks rose from Rs 10 lakh crore at the end of September to more than Rs 12 lakh crore at the end of December. This 20-per cent increase in FII holdings is much below the 27 per cent rise in the S&P CNX 500 index – from 4238 at the end of September to 5385 at the end of December 2007. Does this mean that FIIs underperformed the BSE-500? Not really if one considers their buying and selling pattern. Even conservatively valued at end-September prices, when the index stood at 4238, the 756 million shares that were disposed of by FIIs over October-December could have fetched roughly Rs 2,30,000 crore. Fresh shares acquired by FIIs over October-December 2007 were worth roughly about Rs 3,76,000 crore at end-December prices, when the index stood at 5385. Notwithstanding the sell-off FIIs have increased their holdings in 300 of the 500 companies comprising the S&P index. But the increase was very small in most cases, with the top 20 companies together bagging Rs 1,88,000 crore. More Stories on : Stock Markets | Foreign Institutional Investors
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