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Foreign Funds Sell Net 391 Million Rupees of Indian Equities

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Jan. 3 (Bloomberg) -- Overseas investors sold a net 391 million rupees ($7.3 million) of Indian stocks yesterday, the nation’s market regulator said.

Foreigners bought 4.72 billion rupees of shares and sold 5.11 billion rupees, the Securities & Exchange Board of India said today. They bought a net 10.9 billion rupees of bonds.

Overseas funds pulled out $512 million from local stocks last year, versus a record inflow of $29.4 billion in 2010, as Europe’s debt crisis threatened the global economy and cooled demand for emerging-market assets. The withdrawals led to a 25 percent decline in the BSE India Sensitive Index 2011, the second worst annual loss, and sent the rupee to an all-time low.

India’s $1 trillion stock market, Asia’s fifth-biggest, is influenced by foreign fund flows. Inflows from abroad surged to a record in 2010, making the Sensex the best performer among the world’s top 10 markets. The largest-ever outflow in 2008 led the biggest annual slump of 52 percent.

Foreign funds have placed 4.443 trillion rupees in stocks and 1.21 trillion rupees in bonds since they were allowed into the country in 1993.

The regulator provides data on shares bought and sold by large investors, including trades in the primary and secondary markets, with a delay of at least a day.

To contact the reporter on this story: Paresh Jatakia in Mumbai at pareshj@bloomberg.net

To contact the editor responsible for this story: Arijit Ghosh at aghosh@bloomberg.net

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