Foreign portfolio investors sold Rs 21,745 crore in Indian equities during the second half of September. Financial stocks led the outflows at Rs 6,943 crore, while oil, gas, and auto sectors also saw heavy selling. Experts said the trend reflects profit-taking and portfolio rebalancing as investors focus on current valuations.
Synopsis
Foreign portfolio investors experienced a significant increase in selling Indian equities during the latter half of September. Financial stocks led the sell-off, with the highest outflows totaling around ₹6,943 crore. Oil and gas and auto sectors experienced notable selling, reflecting profit-taking and portfolio rebalancing. Telecom stocks faced profit-taking ahead of the upcoming Jio Platforms IPO, influencing investor positions.
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Mumbai: Foreign portfolio investors (FPIs) stepped up selling in Indian equities in the second half of September, with financial, oil & gas, auto, telecom and metal stocks bearing the brunt of the outflows. FPIs sold ₹21,745 crore during September 16-30, after selling ₹14,116 crore in the first half of the month.
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.
"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."
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.
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