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India Inc, policy makers bid for more Indo-US economic cooperation. Pictured: US Dollars [Representational Image]Reuters file

Financial institutional investors (FIIs) sold Indian equities in a big way on Thursday, a day after the US Federal Reserve hiked interest rate by 25 basis points, despite which the S&P BSE Sensex gained 309 points.

FIIs bought equities worth Rs 2,732.58 crore and sold stocks worth Rs 3,125.21 crore on 17 December, a net outgo of Rs 392.63 crore, or $58.74 million.

FIIs were net sellers on 15, 16 and 17 December, but turned net buyers on the last day of the week, lapping up equities worth Rs 4,108.80 and selling stocks worth Rs 3,357.39, a net buy position of Rs 751.41 crore, or $112.74 million.

On 14 December, the first trading day of the week, they had turned net buyers at Rs 304.31 crore, or $45.56 million.

In December, FIIs have bought equities worth Rs 46,254.20 crore and sold equities worth Rs 49,269.09 crore, a net sale position of Rs 3,014.89 crore.

The S&P BSE Sensex registered gaqins for four days at a stretch during the week, but shed 284 points on Friday to close at 25,519.22, a net gain of 475 points.

The 50-share NSE Nifty closed 82.40 points down, or 1.05%, to 7,761.95.

It was an eventful week for the markets with a spate of news, ranging from the SC ban on diesel cars in Delhi, the lowering of GDP estimate to 7-7.5% in the mid-year economic review, the imposition of addditional levy on H-1B and L-1 visa and the revised norms for calculating base rate issued by the Reserve Bank of India.

The Friday correction was led by IT and banking stocks such as Infosys, TCS, SBI, Bank of Baroda, HDFC Bank, Federal Bank and ICICI Bank, due to the twin factors of a proposed steep hike in H-1B and L-1 visa fee by the US Congress.

In November, FIIs were net sellers to the tune of Rs 7,628.81 crore.

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