Foreign investors buy shares day after Fed tapering

Confounding fears of foreign selling after the US Federal Reserve decided to modestly trim

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its bond-buying stimulus, foreign institutional investors (FIIs) bought 22.64 billion rupees worth of Indian shares on Thursday, exchange data shows.

Instead dealers cite spotting heavy selling from proprietary trading desk and high net worth individuals, especially in banking shares.

Exchange and regulator data do not provide a breakdown per specific category of investors.

Dealers cite some hope that much of the yield-chasing hot money has already left India. FIIs had sold $3.7 billion between late May to late August when Fed fears roiled Indian markets.

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