FIIs buy shares, derivatives worth $1 billion

Tue Dec 10, 2013 10:48am IST

People walk pass the Bombay Stock Exchange (BSE) building displaying India's benchmark share index on its facade, in Mumbai July 31, 2009. REUTERS/Punit Paranjpe/Files

People walk pass the Bombay Stock Exchange (BSE) building displaying India's benchmark share index on its facade, in Mumbai July 31, 2009.

Credit: Reuters/Punit Paranjpe/Files

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Reuters Market Eye - Foreign funds bought Indian cash shares and derivatives worth $1 billion on Monday when Indian shares rose to a record high after the BJP, widely seen by investors as being more business friendly, swept recent state elections.

Foreign investors were buyers of 24.73 billion rupees in Indian equities on Monday, their biggest single day buying since September 19, regulatory and exchange data show.

Overseas investors also bought Indian equity derivatives worth 37.37 billion rupees on Monday, exchange data shows.

Foreign investors have bought 1 trillion rupees so far this year in shares, making these capital flows vital for India's current account balance.

Going forward, the focus of the market would shift to the FOMC meeting on December 17-18 and expectations about the Fed tapering.

Consumer inflation data due on Thursday would be the key to gauge if the RBI will tighten its monetary policy on Dec 18.

(Reporting by Abhishek Vishnoi)

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