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After six straight months of net buying, overseas funds have sold $1.93 billion worth of Indian stocks so far in September, according to data compiled by Bloomberg. The last such run of foreign inflows lasted until March 2021.
Mayank Mehra, smallcase, manager and principal partner at Craving Alpha,believes that strong economic growth prospects, attractive valuations, and government reforms could support foreign investment flows in the next month.
Indian equities experienced their fourth consecutive day of losses due to foreign fund outflows and high oil prices. The benchmark indices recorded a 2.7% loss for the week, the highest weekly loss since February. Rising US bond yields have caused nervousness in emerging markets, but Indian bond yields have remained subdued. Foreign portfolio investors continued to sell shares, while domestic institutions were buyers. Analysts expect the market to consolidate before resuming its uptrend, with attractive valuations in sectors such as auto, power, public sector banks, ethanol, and tourism-relate...
Sensex fell 1,045 points to 51,495 and Nifty ended 331 points lower at 15,360 in the previous session.
Outflow of foreign funds plunged India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- deeply in the red on Thursday.