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FIIs bullish despite blasts

Namrata Gada

Mumbai , July 12

Tuesday's bomb explosions in the country's commercial capital have failed to dampen foreign investors' interest in Indian equity markets.

Foreign institutional investors continued to show faith in the Indian stocks, emerging as net buyers to the tune of Rs 275.69 crore, according to provisional figures provided by the NSE.

The BSE Sensex closed at 10,930.09 points, up by 315.74 points or 2.97 per cent, while S&P CNX Nifty rose by 2.56 per cent to close at 3,195.90 points. The huge rise in the benchmark index was supported by the positive approach by the FIIs.

`Not a risk-prone zone'

"Blasts happen everywhere, including London and Madrid, and the blasts in Mumbai will in no way change our outlook on the stock markets. We continue with our policy and do not consider the country as a risk-prone zone," said Mr Andrew Holland, Head-Strategic Risk Group, DSP Merrill Lynch.

According to market players, the blasts will not affect the current market scenario drastically. "Yesterday's blasts are a one-off thing that has happened at such a major scale after 13 years. If the country were to witness such blasts every month, then the risk to invest in the country would increase. This was the reason for FIIs emerging as net buyers," said Mr Ajay Parmar, Head - Ideas Research, Emkay Shares and Stock Brokers.

A day after two bombs exploded in the city on August 25, 2003, FIIs were net buyers the following day to the tune of Rs 71.90 crore. They remained net buyers for the next few consecutive days.

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