Signs of foreign buying fatigue emerge in India

Reuters
People watch news channel displayed on screen on facade of Mumbai Stock Exchange building as India's Finance Minister Palaniappan Chidambaram presents federal budget
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People watch a news channel displayed on a large screen on the facade of the Mumbai Stock Exchange building, February 28, 2007. REUTERS/Arko Datta/fILES

Reuters Market Eye - After pumping in around $6 billion in Indian cash shares since late August, foreign institutional investors (FIIs) are slowing their pace of purchases.

FIIs bought shares worth 800 million rupees on Wednesday, compared with more than 10 billion rupees each on Monday and Tuesday.

Some traders also cited heavy basket selling by foreign investors in the Nifty, meaning sales of entire batches of shares by investors in the last half hour of trading on Wednesday.

Overseas investors also sold stock futures worth 6.5 billion Indian rupees over the previous two sessions as per regulatory and exchange data.

(Reporting by Abhishek Vishnoi)

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