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Shorter investment calls lead to net outflow at SEs.
Byline: Rajas Kelkar
: Foreign institutional investors (FIIs) are aggressively churning their portfolios resulting in a net outflow from the market, according to observers.
According to leading brokers and market players, contrary to the belief that fresh allocations are made in every January for India and other emerging markets, global fund managers are assessing the situation in countries, including that in India, on a day-to-day basis.
FIIs have been net sellers in the Indian market for the past few trading sessions. According to Sebi statistics, there was a net outflow of $15.9 million last Friday and $22.3 million on Monday.
"Fund managers have become stock pickers world over. They are resorting to shorter investment calls in every country. They take into account issues like political, currency and interest rate risks applicable to every market besides other sector and company specific issues. Volatility in a stock is a key issue and it has intensified due to this very churning of portfolio," Kotak Mahindra Finance executive director C Jayaram told ET.
"There is no specific formula for investing in any market. The assessment is made on a daily basis. There is no system wherein fund managers make one-time allocation for the whole year and then sit pretty. Investment decisions are market, sector and company specific. The entire theory of anticipation of fresh ...
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