- Foreign portfolio investors withdrew $368 million from consumer service stocks in early September
- Total FPI equity outflows reached $766 million despite a 1.8% rise in the Nifty 50 index
- Outflows included $361 million from services, $237 million from realty, and $228 million from IT
Foreign portfolio investors pulled $368 million from consumer service stocks during the first half of September, according to data released by National Securities Depositories Ltd. on Friday.
That was also the third largest sectoral outflow in the period, according to data compiled by NDTV Profit via NSDL.
That came as the total FPI equity outflows stood at $766 million, even as the benchmark Nifty 50 rose 1.8% during the period. The 50-stock index was weighed down by Tata Steel Ltd. falling 5.52%, Titan Co. slipping 3.74%, and SBI Life declining 3.15% during the fortnight.
The consumer service selloff was followed by outflows of $361 million from services sector, $237 million from realty, and $228 million from information technology. FPIs have been offloading shares of IT companies for five consecutive fortnights.
On the flip side, automobile and auto components saw the highest FPI equity inflow from Sept. 1-15, totalling $216 million. The capital goods sector followed with $172 million in net inflows, while metals and mining drew $158 million and financial services received $117 million.
Sovereign debt fund got the highest inflow of $905 million. The funds have been seeing action since July with inflow worth $959 million between July 1 to July 15, and $594 million between Aug. 1 and Aug. 15.
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