Markets shed 5% in as many days as FPI selling intensifies on global cues

Domestic institutional investors pumped in close to Rs 4,000 crore on Tuesday.

Intensified selling by overseas investors amid rising bond yields in the US and concerns over the global growth outlook has led to a near 5 per cent drop in the benchmark indices in the last five trading sessions.

Foreign portfolio investors (FPIs) on Tuesday sold shares worth Rs 5,871 crore, taking their five-day selling to about Rs 18,000 crore.

The Sensex on Tuesday fell 703 points, or 1.23 per cent, extending its five-day decline to 2,984 points, or 5.02 per cent. After breaching the 18,000 mark on April 4, the Nifty ended below 17,000 on Tuesday, settling at 16,958, with a fall