Foreign portfolio investors (FPIs) have been net buyers on the Indian equity markets since September 2019, showed depositories data. In February, FPIs remained bullish on Indian markets with net investment over Rs 25,000 crore. Most investments have come in to oil and gas sector for the fourth straight month in January, according to an Edelweiss report.
FPIs were the net buyers in the sector, with about $369 million worth of stocks. Over the last six months, FPIs pumped in about $1 billion in the oil & gas space alone.
"We believe the bulk of these inflows would have found their way into BPCL and RIL, which have gained ~32 percent and ~21 percent, respectively, since the end of July 2019," said the report.
The brokerage also said that FPIs bought into oil & gas, IT, telecom and auto in January 2020, but lightened up holdings in FMCG, banking & financials, metals, and power. In IT sector companies, FPI exposure rose to 11.20 percent in January 2020 from 10.5 percent in November 2019, it said.
Meanwhile, telecom and auto sectors benefited from FPI inflows in January 2020 to the tune of $254 million and $158 million, respectively.
“FMCG suffered FPIs outflows for the third consecutive month amounting to $321 million in January 2020. Over the last one year, FPIs have pulled out $1.22 billion from the sector. While banking & financials witnessed outflows ($185 million) for the first time in January since August-19”, the report added.
As against the net inflow, FPI outflows last month remained muted in the secondary market at $97 million.
First Published: Feb 27, 2020 4:05 PM IST
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