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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 twelve months FPI cumulative selling in the secondary market of $53 billion versus $28 billion during the GFC, as per provisional flows data from exchanges.
However, TTM net institutional outflows (FPI flows plus domestic institutional investors flows), based on provisional data for secondary market flows, is relatively lower at $10.6 billion compared to GFC peak outflow of $8.6 billion, supported by significant inflows from DIIs of $42.5 billion.
Consequently, the impact on benchmark indices (Nifyt50, Nifty Midcap) is much lower (15-25% drawdown) compared to GFC.
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