Stocks in the banking and information technology (IT) sectors have accounted for more than half of the selloff by foreign portfolio investors (FPIs) during the first half of this month.
According to PRIME Infobase, FPIs withdrew nearly 10,000 crore from financial stocks, mainly banks, and another ₹5,574 crore from the IT pack between May 1 and May 15.
During the fortnight, total FPI selling stood at ₹25,278 crore ($3 billion).
Construction, oil and gas, and fast-moving consumer goods (FMCG) stocks were among the other sectors that saw heightened FPI selling.
Foreign investors were net sellers of ₹3,811 crore in construction stocks while selling shares worth 2,808 crore in oil, gas, and consumable fuel stocks, and shares worth 1,158 crore in FMCG.
As large FPI holdings are concentrated in financials, oil and gas, and IT stocks, these sectors tend to experience higher pullouts during episodes of FPI selloffs.
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