Markets are on a roll since March 09, 2009. Sensex turned in an impressive gain of 17.46 per cent in the month of April, one of the highest monthly gains in almost 10 years.
The drivers of these gains were the Foreign Institutional Investors (FIIs). The huge buying spree they unleashed led to the massive upturn on the Indian bourses. They were net buyers to the tune of Rs 7,405 crore during the month. This was the highest monthly purchase amount in almost 18 months. Of the total 17 days that the markets were active, they were net buyers on 15 days.
The start to the year 2009 for FIIs was a very slow one. After offloading a massive Rs 54,182 crore in 2008, they were net sellers of Rs 6,941 crore in equities for the first two months of 2009 as well.
The third month of the year brought about a U-turn in attitude. Although they were net buyers by a small amount of Rs 269 crore in March 2009, but it acted as the preview for what followed in the next month. The purchases in April have made them net investors of Rs 733 crore in 2009 till April 30.
That this was significant happening is clear from the fact that, during the same period in 2008, FIIs sold equities worth of Rs 11,541 crore.
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