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Foreign Investors are taking money off the table, yet again. In the last 10 days they have removed Rs. 14,000 cr. worth of equities (including a provisional Rs. 2,300 cr. sold today). This does make August the worst month for equities since October 2008, when Lehman collapsed and left the whole world bloodied. This time it’s China, which is arguably bigger than Lehman but it hasn’t exactly collapsed yet. Jan 2008 was even worse, and that was after the Reliance Power IPO, and the market was battered in the last 10 days. We didn’t see this kind of exit even in August 2013, when FIIs ran out the door and took the USDINR to a record Rs. 68. And strangely, with this level of selling we still haven’t seen a 10% drop on the index on a monthly basis (Jan and Oct 2008 were about 20% falls). Even so, let’s not forget that this month, though very very bad for equities, is only creating a small blip in overall FII investments in the country.… (Read On…)
[via Capital MindCapital Mind]
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