Heavy selling by FIIs sparks worries

Foreign institutional investors (FIIs) provisionally sold Indian shares worth a net 20.74 billion rupees on Thursday, marking their biggest single-day selling in at least a year, according to National Stock Exchange data.

Traders worry an end to the US monetary stimulus and a weakening rupee could lead to portfolio outflows, which will delay further rate cuts by the central bank.

FIIs have sold cash shares for eight straight sessions, totalling 59.49 billion rupees, as per exchange and regulatory data.

Also read: Negative on India; every bounce will induce sell-off: Citi

FIIs have so far bought Indian shares of 803.12 billion rupees in 2013, on top of 1.28 trillion rupees worth of buying in 2012.

FIIs have also been sellers in index futures for 14 out of 15 sessions, totalling 99.17 billion rupees.

($1 = 59.7500 rupees)