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This story is from December 22, 2005
Mutual funds turn reluctant sellers in bull market
Indian mutual funds (MF) have turned into net sellers during December even as foreign institutional investors (FIIs) are pumping in record-breaking amounts into India.
AHMEDABAD: Indian mutual funds (MF) have turned into net sellers during December even as foreign institutional investors (FIIs) are pumping in record-breaking amounts into India.
Redemption pressure from domestic investors as well as some profit booking by fund managers after the Sensex crossed the 9000 mark are the main reasons behind the net outflows being witnessed in the MF segment.
On Friday, both the segments posted new highs for the month, but on opposite ends. While the FII net inflows stood at a huge Rs 2,685.5 crore for Friday the highest for the month the MFs were net sellers to the tune of Rs 420 crore.
...
In the first 20 days of December, FIIs' net purchases stood at Rs 7,768 crore, while MFs net sales stood at Rs 1,612 crore. After posting net sales of Rs 1,817 crore in June, this is the second month in the current financial year when the MFs' figure have turned negative.
"MFs have faced considerable redemption pressure recently and the fund managers have to partially book profits in their existing holdings so as to repay the investors," said N Sethuram of SBI Mutual Fund.
Redemption pressure from domestic investors as well as some profit booking by fund managers after the Sensex crossed the 9000 mark are the main reasons behind the net outflows being witnessed in the MF segment.
On Friday, both the segments posted new highs for the month, but on opposite ends. While the FII net inflows stood at a huge Rs 2,685.5 crore for Friday the highest for the month the MFs were net sellers to the tune of Rs 420 crore.
...
...
In the first 20 days of December, FIIs' net purchases stood at Rs 7,768 crore, while MFs net sales stood at Rs 1,612 crore. After posting net sales of Rs 1,817 crore in June, this is the second month in the current financial year when the MFs' figure have turned negative.
"MFs have faced considerable redemption pressure recently and the fund managers have to partially book profits in their existing holdings so as to repay the investors," said N Sethuram of SBI Mutual Fund.
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