FIIs sell Rs. 45.4 billion worth of shares in last 5 days - Standard Chartered Securities

The Indian markets ended lower after the India Rupee (INR) made a record low of 65 against the US dollar (USD). The stocks were under pressure after Federal Reserve minutes hinted the United States was on course to begin tapering stimulus as early as next month and as foreign investors become sellers of Indian stocks. Investors continue to remain cautious of foreign flows at a time when overseas investors who had been net buyers of Indian stocks in 2013 sold a net INR 45.4bn worth of shares in the last five sessions. On a positive note, Finance Minister P. Chidambaram sought to lift confidence, telling in a news conference that while economic growth remained flat in the first quarter of the fiscal year ending March 2014, it was likely to pick up in the remaining three quarters.

The sell off in emerging markets eased on Friday and world shares headed for a second day of gains, as data suggesting the global economy is improving took the edge off concerns about the impact of a cut in US monetary stimulus. Gold struggled to break through a tight trading range and was headed for a small loss for the week after strong US jobs and manufacturing data added to concerns about an imminent pull-back in the Federal Reserve's commodities-friendly stimulus measures. Oil prices edged up, on strong Chinese and euro zone PMI data, but reports of some Libyan ports readying for exports eased supply concerns.

Source : Equity Bulls

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