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Suresh Krishnamurthy

MARKET reports repeatedly emphasise that sales pressed by FIIs was one of the factors that pulled down the market.

Whatever the veracity of such claims, stocks in which FIIs held a higher stake have proved to be relative safer places to stay invested on Friday and Monday. Such stocks have lost less than what the market lost in aggregate over these two days.

For instance, 21 stocks in which FIIs held 20 per cent or more lost 15.6 per cent on an average. Fortythree stocks in which FII stake was between 10 and 20 per cent lost 17.2 per cent on an average.

The 102 stocks in which FIIs held less than 10 per cent have fallen 19.1 per cent on an average. The market capitalisation of these 166 stocks accounted for about 75 per cent of the market capitalisation of the Stock Exchange, Mumbai.

Stocks in which FIIs hold 20 per cent or more and which fared better over the past two days include Ranbaxy, Hexaware Technologies, Satyam Computers, Hughes Software, Zee Telefilms and ACC.

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