FPIs turn net sellers, withdraw ₹4,200 cr

After six months of consistent buying, foreign portfolio investors (FPIs) have turned net sellers to pull out ₹4,200 crore from equities in September, so far, on rising US bond yields, a stronger dollar and concerns over global economic growth.

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The outflow of foreign portfolio money could continue in the coming week or two, Nitasha Shankar, Chief Investment Advisor, YES Securities (India) Ltd, said.

"We also need to keep an eye on the sharp volatility in the rupee, which could impact FPI flows going ahead," he added. According to the data with the depositories, foreign portfolio investors (FPIs) pulled out a net sum of ₹4,203 crore from the equities, so far, this month (till September 8). This came after FPI investment in equities had hit a four-month low of ₹12,262 crore in August.