FPI Selling Fails To Weigh On Indian Mkt

Mumbai: Foreign portfolio investors (FPIs) sold equity worth Rs58,711 crore in October so far, but massive selling didn’t have a serious impact on the market, market experts said. According to them, the entire FPI selling has been absorbed by the domestic institutional investors (DIIs) who are receiving sustained fund inflows.

The major trend in foreign portfolio flows in October, so far, has been the sustained selling by FPIs. This trend of FII selling and DII buying is likely to sustain in the near-term, the analysts added. FPIs have been investing in Chinese stocks which are cheap even now. However, “India has much better growth prospects now compared to China and, therefore, India deserves premium valuations”, said market watchers.

Sector-wise, it was a mixed bag for Indians tock market, with buying seeing in pharma, metals and IT.