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ICICI Securities Report
The ongoing foreign portfolio investment selling in Indian equities is turning out to be the highest selling spree since the global financial crisis of CY08 with trailing 12-month FPI cumulative selling of $36 billion versus $28 billion during the GFC.
However, inclusive of primary inflows, the net TTM outflow from FPIs is much less at $18.3 billion driven by record IPO-related inflows over the past one year.
Consequently, aggregate FPI equity assets stood at Rs 45.5 trillion as of end February 2022, which translates into 18% holding of aggregate listed Indian equities (Rs 252 trillion) and is a dip of 200 bps from the March 2021 level of 20%.
Similarly, based on December 2021 shareholding filings by listed companies, FPI holdings within the Nifty50, Nifty Next 50, Nifty midcap and Nifty smallcap indices has dipped 118 bps, 74 bps, 55 bps and 29 bps to reach 23.5%, 16.8%, 15.4% and 10.7% respectively.
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