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Our Bureau

Mumbai, Oct. 16 The relentless selling of Indian equities by FIIs have added up to net sales of $11 billion by them so far this year, according to data on the SEBI Web site.

This week so far, FIIs have accounted for net sales of Rs 2,353.78 crore. And on Thursday, they were net sellers for Rs 1,160 crore.

Data on bulk deals available on the BSE Web site show that Credit Suisse Singapore sold shares worth Rs 11.4 crore on Wednesday. They sold 2.48 lakh shares of Diamond Cables, 42,466 shares of Dynamatic Technologies, 1.56 lakh of Eicher Motors and 1.67 lakh shares of Nucleus Software Exports.

“Major international banks have been announcing large write-downs. It looks like as if Credit Suisse, too, is in trouble now, this could be one of the reasons why they sold quite a lot yesterday,” said the head of research at a brokerage. Reports said the Swiss bank had raised 10 billion Swiss francs in new capital from a small group of global investors as it had posted a third quarter loss of 1.3 billion francs.

Goldman Sachs Investments Mauritius sold 25.41 lakh shares of Mount Everest Mineral Water and 19.57 lakh shares of United Phosphorus on Wednesday. No other FII featured in the bulk deals list on that day.

On Thursday, only Citigroup Global Markets Mauritius Private appeared on the bulk deals list on BSE. It sold 8.4 lakh shares of Northgate Technologies at Rs 72.05 a share.

And Fidelity Funds has sold 36 lakh shares of Indiabulls Real Estate at Rs 101.37 a share.

On NSE, Goldman Sachs sold 4.22 lakh shares of Greenply Industries at Rs 75 a share.

Marketmen are of the view that even though the Government is doing everything they can to get inflows back into the country, their measures have made little difference as FIIs are in urgent need of funds.

More Stories on : Foreign Institutional Investors | Stock Markets

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