India profile tanks, FII pullout sinks Sensex - Hindustan Times
close_game
close_game

India profile tanks, FII pullout sinks Sensex

Hindustan Times | By, Mumbai
Jul 16, 2008 12:14 AM IST

As the Sensex, BSE’s 30-share benchmark index, dropped to lowest levels in 15 months, foreign funds sold shares worth Rs 702.50 crore on Tuesday alone, reports HT Correspondent.

Foreign institutional investors (FIIS) pressed the panic button as global agency Fitch downgraded India’s credit profile to “negative”. Sensex, BSE’s 30-share benchmark index, dropped to lowest levels in 15 months as foreign funds sold shares worth Rs 702.50 crore on Tuesday alone.

HT Image
HT Image

ICICI Bank and HDFC Bank, two of India’s three largest banks, tumbled. Sensex fell 654.32 points, or 4.9 per cent, to 12,676.19. All stocks dropped on the index. NSE’s Nifty dropped 178.60 points, or 4.4 per cent, to 3,861.10.

Hindustan Times - your fastest source for breaking news! Read now.

“Money is flying out of emerging markets and inflows into India have been negative so far,” said Madhavi Vora of ULJK Securities, a broking firm. “There is a major liquidity crunch along with other external factors like political uncertainty that are ailing markets.”

This year, the FIIs have already pulled out more than a third of what they invested last year. As on July 15, 2008, FIIs were net sellers of Indian stocks worth Rs 28,048 crore.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On