Crashes let big FIIs grab shares worth Rs676cr

Jitters in overseas markets sent the domestic bourses crashing twice in the past eight days, but foreign investors were busy grabbing stocks here seeing attractive buying opportunities after the 1,000-point plunge.

Some big names of the FII clan, including Merrill Lynch, Morgan Stanley and Citigroup, purchased stocks worth over Rs 676 crore between July 27 and August 1, when the market recorded its two biggest crashes of this fiscal.

Interestingly, most purchases were recorded on these two days only, even as the overall market sentiment was bearish following the 542 and 615-point fall in the benchmark Sensex.

An analysis of the bulk and block deals recorded on the stocks exchanges shows that foreign funds purchased shares worth Rs 676.32 crore in the period when the Sensex tanked over 1,000 points in two routs between July 27 and August 1.

Besides, the funds are believed to have purchased additional stocks in smaller quantities, but their exact estimates could not be known. Bulk deal refers to trading in a company's shares for over 0.5% of the total shares of the firm listed on the exchange.