FPIs sold stocks in financial, IT sectors

MUMBAI: As foreign portfolio investors (FPI) withdrew investments from Indian equities in July, financial, industrial, and information technology were the sectors in which FPIs sold the most stocks.

FPIs pulled out $1,535 million from financial stocks last month, according to a report by Kotak Institutional Equities.

IT and industrials witnessed an outflow of $465 million and $218 million, respectively, worth of foreign portfolio investments.

Net FPI outflow from the equities stood at Rs 11,308 crore in July, as per NSDL data.

NSDL data shows that FPI assets under custody increased marginally in July. As per Kotak report, the largest quantum of FPI asset under custody (AUC) comes from US-based investors. In July, listed funds saw $162 million of inflows led by ETF inflows of $155 million.

Post the selloff in July, so far in August the Indian equities have witnessed a net FPI inflow of Rs 3,246 crore. (IANS)

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