Foreign inflows into Indian equities jumped to their highest in more than a month as overseas buying continues to propel stocks to new highs.
Foreign portfolio investors net bought equities worth Rs 6,030 crore on Friday, according to provisional data released by exchanges. That's the most in a single day since Nov. 27 when the inflows stood at Rs 7,713 crore.
Rising foreign inflows have fuelled record rally in Indian benchmark indices. The S&P BSE Sensex reported its 10th straight week of advance on Friday, the longest stretch since June 2009.
In 2020, net foreign portfolio inflows into Indian equity markets stood at Rs 1.70 lakh crore, the bulk of them coming in November and December.
Overseas investors have net poured in Rs 9,264.22 crore so far in January while domestic institutions have withdrawn Rs 4,878.29 crore. On Friday, domestic institutions pulled out a net Rs 2,372 crore, the highest since Dec. 17.
Of the 48 trading sessions starting Nov. 2, foreign investors have been net sellers only in three: the Mahurat trading on Nov. 14, Dec. 21, and Jan. 6.
FPIs have net invested Rs 1.22 lakh crore since November. Domestic institutions have net sold shares worth Rs 90,511 crore in the last two months.
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