FPIs sell Rs 21,745 crore in second half of September, oil & gas, auto & financials lead outflows
Financial stocks saw the highest FPI selling at around ₹6,943 crore, compared with ₹6,204 crore in the first half. Oil & gas and auto stocks followed, with selling of ₹4,469 crore and ₹3,542 crore, respectively, against ₹2,385 crore and ₹2,670 crore in the first half.
ET Bureau“The selling reflects a combination of portfolio rebalancing, profit-taking and a greater focus on valuations relative to earnings growth,” said Vishad Turakhia, CEO of Equirus Securities. “Financials, which account for a large share of foreign portfolios, tend to see significant selling when overseas investors reduce their India exposure.”
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Telecom, metal, consumer durables and capital goods were the other sectors that witnessed FPI selling. Telecom stocks have seen some profit-taking after a significant rerating, Turakhia said.
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The upcoming Jio Platforms’ IPO may also have influenced FPI positioning in the telecom sector, with investors possibly cutting exposure to Bharti Airtel to deploy in Jio, say analysts.
