RISING interest rates in the US and Europe have resulted in FIIS pulling out a whopping $21.3 bn (₹1.62 lakh crore) from local shares in the calendar year to date, the highest-ever net sale by foreign investors in Indian stock markets in less than five months.
The FII selling has dragged nearly half of Nifty 50 shares into a bear market.
"When interest rates rise in developed markets such as the US, the risk-free rate of return drastically reduces, causing foreign investors to dump emerging market shares and head for the safety of the dollar," said Sudip Bandyopadhyay, group chairman, Indi-trade Capital.
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