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Foreign investors pull Rs 28,200 crore from Indian stocks (FPI withdrawals)
The Business Guardian
|May 21, 2024
Foreign investors have withdrawn a substantial Rs 28,200 crore from Indian equities in May 2024, driven by uncertainties surrounding the upcoming general elections and the allure of more attractive valuations in Chinese markets.
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This withdrawal significantly surpassed the net outflow of over Rs 8,700 crore recorded in April, which was primarily due to concerns over amendments to India’s tax treaty with Mauritius and a persistent rise in US bond yields.
In contrast, foreign portfolio investors (FPIs) had shown positive sentiment earlier in the year, with net investments of Rs 35,098 crore in March and Rs 1,539 crore in February. Moving forward, FPI equity flows are expected to change dramatically in response to the election outcomes. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, political stability post-elections could attract substantial inflows into the Indian market.
This story is from the May 21, 2024 edition of The Business Guardian.
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