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Foreign funds did not trigger 'Black Monday'
Wednesday, 19 May 2004, 19:30 IST
MUMBAI: Statistics released Tuesday by India's markets watchdog belie general perception that 'Black Monday' on stock markets that saw shares plummet to a historic low was led by foreign institutional investors (FIIs).
FIIs were net sellers only to the tune of $14.5 million Monday, compared with an $27.6 billion erosion of market capitalization, data released by Securities and Exchange Board of India (SEBI) here said.
Foreign funds made gross equity purchases worth 
12.36 billion and made gross sales worth 12.99 billion Monday. They, thus, emerged as net sellers only to the tune of 636 million, the markets watchdog said.
Indian share markets registered their biggest crash since the stock scam of April 1992, as investor mood was hit by doubts over future of economic reforms.
Trading was suspended twice on the Bombay Stock Exchange (BSE) when the barometer sensitive index (Sensex) crashed by the biggest ever intra-day margin of 842.71 points or 16.62 percent in the 129-year history of the exchange.
The largest such fall for the Sensex previously was on April 28, 1992, when the bellwether index lost 12.77 percent upon the unearthing of a securities scam.
Some sections of the market, attributed the steep drop in share prices to large-scale selling by FIIs, which has now been belied by SEBI data.
Source: IANS
12.36 billion and made gross sales worth 12.99 billion Monday. They, thus, emerged as net sellers only to the tune of 636 million, the markets watchdog said.
Indian share markets registered their biggest crash since the stock scam of April 1992, as investor mood was hit by doubts over future of economic reforms.
Trading was suspended twice on the Bombay Stock Exchange (BSE) when the barometer sensitive index (Sensex) crashed by the biggest ever intra-day margin of 842.71 points or 16.62 percent in the 129-year history of the exchange.
The largest such fall for the Sensex previously was on April 28, 1992, when the bellwether index lost 12.77 percent upon the unearthing of a securities scam.
Some sections of the market, attributed the steep drop in share prices to large-scale selling by FIIs, which has now been belied by SEBI data.
Source: IANS