June 17, 2024 17:16 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Elon Musk has not understood what the Indian EVM is: Rajeev Chandrasekhar counters Tesla CEO's claim | Result of mismanagement and negligence of Modi govt: Rahul Gandhi on Kanchanjungha train accident | Kanchanjungha train accident: Case of signal disregard, says Railway board chairman | Kerala Congress apologises for X post on Modi-Pope meeting after BJP counter | My entry into AIADMK has commenced: VK Sasikala declares her comeback in Tamil Nadu politics
FIIs dump financial, IT, construction, oil & gas, FMCG holdings in first half of May: Report
FII
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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.