FIIs snap 11-day selling streak in Indian shares

Reuters Market Eye - Foreign institutional investors turn net buyers in the secondary share market after 11 consecutive sessions of selling a total of about $1 billion.

Overseas investors, who have been net buyers of Indian shares so far in 2013, have sold the same in each of last 3 months weighed by a record low rupee, persisting worries on fiscal deficit and a policy flip-flop amid a slowing economy.

An oversold market after three consecutive months of decline until August, is making traders hopeful of some market-friendly measures like a hike in fuel prices. This follows the passage of the Land Acquisition Bill and the Food Security Bill by the parliament, seen as populist.

 

(Reporting by Abhishek Vishnoi)