NRIs emerge wise investors in stock market chaos

January 24, 2008

Mumbai, Jan 24 When market was going through one of its toughest times over the past few days, non-resident Indians held their nerves -- they dumped stocks right at the start of southward journey and turned buyers at the bottom. The NRIs were net sellers of shares worth close to Rs 23 crore on January 14, the first day of seven-day downslide that continued till January 22, according to data with the BSE.

The benchmark Sensex dropped 100 points on January 14 and fell further 476 points on the next day, when the NRIs were net sellers of shares worth about Rs 4 crore.

During the next four trading sessions, when the Sensex was continuing its downslide including its largest one-day fall of 1,408 points on January 21, NRIs were seen bottom-fishing by purchasing shares at the lower levels.

On all four days, NRIs were net buyer of shares,although in smaller quantities ranging from Rs 1 to Rs 5crore each.

—PTI

Tourists pose with a bronze sculpture of a bull, the symbol used by Wall Street for positive times in the market, as the value of stocks fell in early trading on the New York Stock Exchange due to fears of recession, in New York yesterday. (REUTERS)