Foreign Institutional Investor (FII) data for 2011 is deeply negative – over 11,000 crores have left our cash markets.
Domestic institutions have done the exact opposite, as you can see from a plot of the daily net values:
If you look at cumulatives, and invert the FII numbers (that is, negative numbers are positive), here’s the graph:
Our fall has been cushioned by domestic institutions. For all the screaming about lack of volumes, more than 19,000 cr. has been invested by domestic institutions. Despite a net institutional buy of 8,000 cr. (positive) we have seen the indexes fall about 18% for the year. Does this mean that everyone else – Retail, prop accounts, HNIs – are running for the hills?
