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Foreign Institutional Investors (FIIs) remained net sellers in the equity segment worth Rs 16.62 billion on both the BSE and the NSE on October 3, as per provisional data available at NSE. They bought equities worth Rs 27.93 billion and sold equities worth Rs 44.55 billion
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rvk41...
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Heavy selling by foreign institutional investors (FIIs) drove the benchmark index down by four per cent on Friday.
FIIs were net sellers of equities worth Rs 1,662.26 crore while the domestic institutional investors were net buyer of shares worth just Rs 56.75 crore.
A dealer said weak global sentiment and lack of buying support wiped out the gains of the last two trading sessions. Investors fear that the global financial turmoil may continue even after the US bailout package is passed.
The Sensex and Nifty had bounced back in the previous two trading sessions from an 18-month low on confidence building statements issued by the Government and the financial regulators.
The Sensex opened lower on Friday, tracking the more than four per cent fall in the overnight US market and the lower opening of the Asian markets.
The sentiments were down as investors waited for the passage of the proposed US administration’s revised $700-billion bailout package in the House of Representatives; the earlier package had been rejected by the same house but later it was cleared by the Senate.
The benchmark index closed 530 points lower at 12,526. Nifty closed 3.35 per cent lower at 3,818.
“Redemption pressure on FIIs led to selling in the large-cap stocks, basically its liquidity driven rather than fundamentals,” said analyst.
Tata Steel shares plunged more than 10 per cent, Reliance Industries, which has significant weightage on the Sensex, too fell by 7.62 per cent.
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Foreign institutional investors (FIIs) were net sellers of Rs 1,662.26 crore (provisional) today, according to data released by BSE.
While FIIs made gross purchases of Rs 2,793.65 crore, gross sales totalled Rs 4,455.91 crore.
Domestic institutional investors (DIIs) were net buyers of Rs 56.75 crore today. While DIIs made gross purchases of Rs 1,013.86 crore, gross sales totalled Rs 957.11 crore.
FIIs were net sellers of Rs 284.20 crore on Wednesday, October 01, according to data released by Sebi today. While FIIs made gross purchases of Rs 1,969.80 crore, gross sales totalled Rs 2,254 crore.
Mutual funds (MFs) were net buyers of Rs 147.80 crore on Wednesday. MFs made purchases of Rs 631.60 crore and sales of Rs 483.80 crore.- BS
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Alan Greenspan, once a figure of mythic proportions as chairman of the US Federal Reserve, observed that the US was in a “once-in-a-century” financial crisis. As if we hadn’t already noticed. What started all this was, of course, the housing bubble, which was associated with fraudulent mortgage loan practices and shoddy credit rating techniques, unsuitable for the complex securities that were being created and pushed by financial firms of all types. The demise of some old-style financial intermediaries may be good for the future of financial markets
In May 2005, Greenspan acknowledged that there were a lot of local housing bubbles, but he didn’t see a national housing bubble, and said that the economy was not at risk. He was Fed chairman then, and maybe his position did not allow him to be more forthright. But in October 2006, several months after he stepped down and could speak freely, he said of the housing market, the “worst of this may well be over”. And he still seems to miss the essence of what happened. He has recently said that the problem was not in the mortgage loans themselves, but in their securitization and sale to a wide range of investors. This denies the core problem, of dishonest, unsustainable loans. Ultimately, Greenspan was the Ostrich, with his head in the sand. He had the opportunity to be more forceful about the risks and needed regulatory responses at the time, but chose not to be. Now, with the storm at full blast, he looks up and acknowledges the reality.
Contrast all this with the position of Nouriel Roubini, a professor at New York University’s Stern School of Business, and head of Roubini Global Economics. In August 2006, he wrote, “The scariest thing is that the gambling-for-redemption behaviour…are not the exception in the mortgage industry; they are instead the norm. …If this kind of behaviour is — as likely — the norm, the coming housing bust may lead to a more severe financial and banking crisis than the S&L crisis of the 1980s. The recent increased financial problems of…sub-prime lending institutions may thus be the proverbial canary in the mine — or tip of the iceberg — and signal the more severe financial distress that many housing lenders will face when the current housing slump turns into a broader and uglier housing bust that will be associated with a broader economic recession.”
Roubini went on to say, in 2006, “One cannot even exclude systemic risk consequences if the housing bust combined with a recession leads to a bust of the mortgage-backed securities market and triggers severe losses for the two huge GSEs (government-sponsored enterprises), Fannie Mae and Freddie Mac.” Talk about prescience. In August this year, the New York Times (NYT) dubbed Roubini “Dr Doom”. This was after the failure of Bear Stearns, which he had also foreseen. Three weeks after the NYT piece, Fannie Mae and Freddie Mac bit the dust, effectively being nationalized.
A bit earlier, in July, Roubini had said that Lehman Brothers would need a buyer: it soon did, but didn’t find one, and is now bankrupt. He didn’t stop there. He predicted in July that Merrill Lynch, Goldman Sachs and Morgan Stanley would also not survive as independent firms. Lo and behold, Merrill Lynch is now set to be owned by Bank of America. Forget the Ostrich. When Roubini talks, people should listen.
The beauty of Roubini’s predictions is that they are based on crystal clear economic analysis. He argues that the independent broker dealer model (epitomized by the former big four firms) is fundamentally flawed. These firms use the same business model as banks: they borrow short and lend long. But they borrow on even shorter time frames, use more leverage, and do not have explicit government backing (as banks have had since the Great Depression). If one accepts this analysis, then the last quarter century, after a spate of deregulation, has been a transitional phase, and the new institutional model for the sector will involve more diversified financial intermediaries, more careful regulation, more explicit lender-of-last-resort provisions, and a different risk-reward trade-off. More specifically, Goldman Sachs and Morgan Stanley will also (within a few years, according to Roubini) need saviours.
But this is nothing like the end of financial capitalism, as some windy observers have claimed. Fraud (lending practices that created toxic financial products) and incompetence (rating methods that helped diffuse them all through the global financial system) are not necessary consequences of capitalism. Greed does flourish under such a system, but greed always has to be managed (for example, safety rules, liability laws, disclosure provisions and requirements to honour contracts).
One might even go further, and argue that many of the Western financial institutions are vestiges of a time when financial products were idiosyncratic, liquidity could be fragile, informal trust and social networks mattered, and information was hard to come by. Information technology may offer opportunities to replace some old-style intermediaries with automated exchanges for a broader range of financial products than hitherto possible. Financial markets may actually become more efficient.
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-FIIs net buy futures worth 4.76 bln rupees Wed
FIIs net buy futures worth 4.76 bln rupees Wed
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On NSE, foreign institutional investors Wednesday net bought
stock futures worth 2.99 bln rupees and index futures worth 1.77 bln rupees.
Foreign funds net sold Indian shares worth 2.75 bln rupees on BSE and NSE
combined Wednesday, according to provisional data on NSE Web site.
Nifty October ended at a 16-point premium to the spot index, with 0.3% rise
in open interest to 28.04 mln.
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Hi,
Asia hedge-fund closures jumped 19 percent this year, with the industry set to shrink for the first time as clients withdraw more money after funds in the region underperformed rivals in the U.S. and Europe.
About 70 hedge funds in Asia have shut down as of August, an increase from 59 in the first eight months of last year, according to Eurekahedge.
There are 618 Asia-focused managers managing 1,199 hedge funds, compared with 1,196 funds in December. Assets under management fell to $168 billion in August, from $176 billion at the end of 2007, according to the Singapore-based hedge fund research and publishing company.
– Bloomberg...
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Global slowdown and bearish market conditions are impacting inflow of funds from foreign institutional investors even as the current account deficit during the first quarter of 2008-09 soared to USD 10.7 billion.
Portfolio investment, RBI said in its report on Balance of Payments, witnessed large net outflows (USD 4.2 billion) in Q1 of 2008-09 due to large sales of equities by FIIs in the Indian stock market reflecting bearish condition in stock market and slowdown in global economy.
There was a net inflow of portfolio investment of USD 7.5 billion in the first quarter of 2007-08.
The current account deficit during the first quarter increased to USD 10.7 billion from USD 6.3 billion in corresponding period last year mainly on account of higher imports.
Driven by higher import bill, which increased by more than 50%, the trade deficit during the first quarter rose sharply to USD 31.6 billion from USD 20.7 billion in the corresponding period a year ago.
Oil imports in the first quarter accounted for almost 35% of the country`s import bill.
According to the report, Indian basket of international crude (a mix of Oman, Dubai and Brent varieties) increased to USD 118.8 per barrel from USD 66.4 per barrel in the corresponding period last year.
The non-oil import, however, posted a modest growth of 20.9%, down from 45.1% in Q1 of 2007-08
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The global financial and credit crisis has added new risks to the world economy threatening to dampen global foreign direct investment (FDI) flows, but India would still remain a hotspot for global investors, experts said.
A recent United Nations Conference on Trade and Development (UNCTAD) report said India is the second most preferred destination for foreign direct investment, ahead of US, UK and Germany but below China.
“During April to July 2008, FDI worth $12 billion came into the country, which is pretty decent,” said D.K. Joshi, principal economist of credit rating and consulting firm Crisil.
India registered 17 per cent increase in FDI inflows last year on the back of robust economic growth, improved investment environment and further opening up of telecommunication, retail and other sectors.
The liquidity crunch will pull down worldwide foreign direct investment flows by 10 per cent this year, although FDI flows to the developing world would remain fairly stable.
Earlier this year, the government had announced major changes in the FDI policy, raising investment limits in several key sectors including real estate, petroleum refining, commodity exchanges, mining and civil aviation.
The policy review has been on the works for the last few months amidst hopes of attracting FDI of over $30 billion in the current financial year, much higher than last year’s $16 billion.
Delhi-based economist TK Bhaumik said FDI is driven largely by fundamentals of the economy, which in India’s case were strong. “The global financial meltdown is unlikely to have any major impact on the FDI inflow.”
Source HT,with regards
rvk41...
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Domestic investors may invest $21 bn--------------Mumbai, Sep 26 (PTI) With FY 09 turning out to be a year of significant FII outflows, it is estimated that domestic investors may invest $21 billion during the year, a top research-house head said.
Domestic mutual funds have invested $1.5-billion in equities, while foreign institutional investors (FIIs) have been net sellers in Indian equities to the extent of USD 6.1 billion in FY 09.
"The underexposure of domestic investors to equities is set to change as cash-rich domestic mutual funds have invested $1.5 billion in equities in FY 09 till date. This is the fourth consecutive year of positive inflows by domestic mutual funds. The positive feature of this trend is that the inflows have continued despite a sharp and continuous decline in equities," Motilal Oswal's Head of Research, Rajat Rajgarhia, told reporters here today.
FIIs have been net sellers in Indian equities to the extent of $6.1-billion in FY 09 till date. This outflow is on back of a record inflow of $12.7-billion in FY 08. This could be the first year of outflows from FIIs ever since they started investing in India, Rajgarhia said.
Private insurance companies have emerged as the biggest marginal investors in Indian equities. After investing USD 7.8-billion in FY 08, they have already invested $6.4-billion in H1 FY 09.
"We expect investments by private insurance companies to remain strong, although some slowdown cannot be ruled out," Rajgarhia said.
OutLLooK......
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The panicking FIIs seem to be desperate to exit their positions as it is quiet evident from the increasing list of bulk deals on both the NSE and BSE where they have been selling the past few days.
Morgan Stanley, which sold quite a bit on Wednesday, showed up an even bigger selling list on Thursday. The other FIIs that have offloaded include Goldman Sachs, Merrill Lynch, Macquarie and Citigroup. However, Deutsche Securities was seen buying.
The FIIs have sold close to Rs 8,400 crore in equities in a week and the Sensex has tanked more than seven per cent.
Of the stocks that Morgan Stanley (Mauritius) sold on the BSE on Thursday are Adhunik Metaliks, DS Kulkarni Developers, Electrosteel Castings, KS Oils, Lakshmi Overseas Industries, GTL Ltd, Nagarjuna Fertilisers and Chemicals, Rolta India, and S Kumar.
On the NSE, this list was even bigger. The stocks sold by Morgan Stanley on Thursday include Aptech, Jai Corp, JM Financial, Jai Prakash, NIIT, Reliance Capital, Suzlon and many others. According to reports, Morgan Stanley sold for Rs 871 crore on Wednesday. They sold stocks of Educomp Solutions, Jindal Saw, Gujarat NRE Coke Pantaloon Retail, Subhash Projects and United Spirits on BSE.
The share prices of most of these stocks have taken a beating in the past week, since the selling has intensified. DS Kulkarni Developers has fallen 15.74 per cent during this period, Adhunik Metaliks down 22.71 per cent, IFCI down 22.77 per cent, Rolta India down 12.22 per cent, Nagarjuna Fertilisers down 13.13 per cent. The Sensex during this period has dipped seven per cent.
Deutsche Securities bought ICSA, Jai Corporation, Prakash Industries and Reliance Capital, while their name has not appeared on the sell side as per data available on the NSE today.
On the BSE, they bought stocks such as Adhunik Metaliks, DS Kulkarni and ORG Informatics.
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The Federal Reserve has stepped in to calm the markets by widening the collateral it accepts for advancing emergency loans to securities firms. A group of ten banks that includes JPMorgan Chase and Citigroup separately formed a USD 70 billion fund to ensure market liquidity.
The European Central Bank (ECB) and the Bank of England has also joined the Federal Reserve in taking action to soothe financial markets. The ECB said, �It awarded banks 30 billion euros or 43 billion dollars in a one-day money-market auction that was more than three times oversubscribed.�
China has cut interest rates for the first time in six years. The People's Bank of China has reduced the one-year lending rate to 7.20% from 7.47%.
George Bush, President of United States of America feels that the short-term financial market adjustments could be painful, reports CNBC-TV18. He said that the US government is working to reduce the impact of market turmoil on the economy. Bush added that he was confident of long-term flexibility and resilience of the economy.
Henry Paulson, US Treasury Secretary said, �We're working through a difficult period in our financial system right now as we work off some of the past excesses. But American people can remain confident in the soundness, in the resilience of our financial system.�
Paulson added that the housing correction is at the root of the challenges facing the markets and financial institutions. �I believe that we have taken very important steps with respect to Fannie Mae and Freddie Mac and they are among the most important actions we can take to work through this turmoil. Lastly, I am committed to working with regulators here and abroad as well as policy makers in the Congress to take additional necessary steps to maintain the stability and orderliness of out financial markets,� he said.
Christopher Ailman of California State Teachers' Retirement System said, �I'd like to see the Fed come in and lower the discount rate significantly and continue with an open window and accept any collateral." Further, he added that the Fed needs to keep liquidity high in the system so that other banks can step in and work out deals with the AIG. �We've got a lot of pessimism in the market. The Fed needs to stop providing liquidity to calm the markets and give time for an orderly liquidation of some of these assets,� added Ailman.
Paul Mcculley, MD, PIMCO, said, �The Fed's primary tool right now is to provide liquidity through the primary dealer credit facility. They expanded the terms of that over the weekend dramatically.� Mcculley added that Fed also has the Monetary Policy tool and a strong case can be made for using it because the tightening of financial conditions affects Wall Street and Main Street.
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How can we get the details of holding of Fii's. Please tell me.
Thanks
shirish...
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As a new entrant to international share mkt arena i need to clarify the names of some Big and Old players:
i.) Lehman Bros. or Layman Bros.?
ii.) Merril Lynch or Merril Lynched ?
iii.) Morgan Stanley or Murga Stanley?
iv.) Goldman Sachs or Oldman Sacks?
v.) UBS or U Bhi Ass?
Give the right answers and prove that "Aap Paanchvi Pass Se Tej Champoo Hain"...
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This was so bcoz they bought in cash segment and shortsold in f&o.Though on the face it seems positive FII flows,its effect (shorting in futures and options) is manifold as for futures, margin money payable is a fraction of actual shortselling done.Besides if cash buying is done in non-index scrips and shorting is done in inex and index scrips it would lead to mkt fall despite net positive flows.
In fact what we get to know thru SEBI site about FII activity is of very little use.It just mentions gross purchases and sales and net effect and no mention of buyer ,seller, scrips traded etc. is given....
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F I I
Posted by :
zoombusiness
The FIIs on Tuesday stood as net buyer in equity and in debt. Gross equity purchased stood at Rs3,356.40 Crore and gross debt purchased stood at Rs170.00 Crore while the gross equity sold stood at Rs2,598.40 Crore and gross debt sold stood at Rs162.80 Crore. Therefore, the net investment of equity reported was Rs758.10 Crore and net debt was Rs7.20 Crore.
-Reuters 
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