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FPIs offload ₹16K cr equities in three sessions
The New Indian Express
|April 18, 2024
FOREIGN Portfolio Investors (FPIs) have offloaded equities worth about ₹16,000 crore in the last three trading sessions amid a sharp correction in local stocks caused by escalating geopolitical tension in the Middle East and diminishing hope of an early rate cut by the US Federal Reserve.
In the last three sessions, domestic benchmark indices, BSE Sensex and NSE Nifty50, have declined by 2.7% each.
Triggered by proposed changes in the India-Mauritius tax treaty, foreign investors offloaded equities worth 8,000 crore on a net basis on Friday. They then sold 3,200 crore of equities on Monday and ₹4,469 crore on Tuesday, as per National Stock Exchange (NSE) data.
The past two-session sell-off is attributed to growing tension between Israel and Iran, and a sharp rise in US bond yields.
This story is from the April 18, 2024 edition of The New Indian Express.
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