FPIs take out Rs 4,800 crore from equities in first fortnight

Foreign portfolio investors (FPIs) have pulled out close to Rs 4,800 crore from equities in the first fortnight of September on rising US bond yields, a stronger dollar, and concerns over global economic growth.

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Before the outflow, FPIS were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.

In the coming days, FPIs are likely to press sale as the market is at record highs and valuations are high, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. "With high bond yields in the US (the 10year is at 4.28 per cent) and the dollar index above 105, FPIs are likely to sell more," he added. According to the data with the depositories, Foreign Portfolio Investors (FPIs) pulled out a net sum of Rs 4,768 crore from the equities so far this month (till September 15). This figure includes bulk deals and investments through the primary market.