Stocks in the power, building materials, and information technology (IT) sector have accounted for the bulk of selling by overseas funds this month.
During the first fortnight of October, foreign portfolio investors (FPIs) withdrew Rs 2,069 crore from the power sector and around Rs 1,500 crore each from infrastructure and IT, data compiled by Primeinfobase.com showed.
Meanwhile, telecom and infrastructure stocks witnessed positive net investments. Amid rising US bond yields, FPIs sold shares worth nearly Rs 10,000 crore during the first fortnight. Interestingly, power stocks were also the most sold during the second half of September.
Market observers said FPIs could have taken some money off the table from stocks such as Power Grid and NTPC following a decent run-up this year. Meanwhile, the three sectors in terms of highest FPI allocations were financial services (32.68 per cent), IT (9.84 per cent), and oil & gas (8.5 per cent).
First Published: Oct 20 2023 | 5:17 PM IST
