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FIIs dump financial, IT, construction, oil & gas, FMCG holdings in first half of May: Report
Representational image from Wallpaper Cave

FIIs dump financial, IT, construction, oil & gas, FMCG holdings in first half of May: Report

| @indiablooms | 22 May 2024, 07:32 pm

Mumbai/IBNS: Foreign institutional investors (FIIs) sold over $3 billion (Rs 25,000 crore) in Indian equities in the first half of May, with National Securities Depository Limited (NSDL) data showing that more than 90 percent of the selling concentrated in five sectors, including Financial, Information Technology (IT), Construction, Oil and Gas, and Fast-Moving Consumer Goods (FMCG), media reports said.

According to reports, FIIs divested around Rs 9,687 crore in financial services, Rs 5,574 crore in IT, Rs 3,811 crore in construction, Rs 2,808 crore in oil and gas, and about Rs 1,158 crore in the FMCG sector.

Additionally, FIIs sold in other sectors, including construction materials (Rs 802 crore), power (Rs 792 crore), metals and mining (Rs 735 crore), automobiles and auto components (Rs 706 crore), consumer durables (Rs 659 crore), and telecommunication (Rs 272 crore), reports said.

Moneycontrol reported, citing analysts, that the huge selling was due to election-related concerns, turning risk-averse, and reducing equity exposure to avoid surprises, and some of them speculate FIIs sold due to global selling pressure, while others link it to expectations of a lower voter turnout potentially impacting election outcomes.

A few analysts said that FIIs are selling now to buy back at lower levels later, boosting cash reserves, reports Moneycontrol.

On the other hand, FIIs were buyers in consumer services (Rs 733 crore), Capital goods (Rs 376 crore), realty (Rs 233 crore), and healthcare (Rs 172 crore), according to media reports.

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