Mkt Outlook: FIIs continue to sellSreejiraj Eluvangal / Mumbai May 23, 2006Both brokers and FIIs continue to reduce their exposure.The institutional activity in the market yesterday points to the onset of a deeper correction, with temporary respite coming in from reported furious buying by government controlled agencies.While foreign institutions continued their sell-off, with a fresh Rs 872 crore salvo yesterday, figures also show that record high purchases by Indian mutual funds did almost nothing to halt the slide on Thursday and Friday.Another negative indication has been the behaviour of the Indian brokers. After keeping a neutral stance during the correction last month with a net sell of Rs 80 crore on a turnover of Rs 37,000 crore during last month on the BSE, they have cut most of their position in the last nine trading sessions.Since the Sensex began tumbling on May 10, they have got rid of equity worth Rs 450 crore. With this, they have got rid of more more than 70% of the fresh equity they bought during this year on the BSE.
