FPIs offload Rs 20,024 cr last week

Mumbai: The cumulative foreign portfolio investor (FPI) selling in equity through the Indian stock exchanges stood at Rs102,931 crore (till October 24), as the market remained resilient. Last week, FPIs pulled out Rs 20,024 crore from Indian equities as main indices, Nifty and Sensex, declined by 2.7 per cent and 2.2 per cent, respectively. However, FPI were buyers in the primary market, and bought shares for Rs17,145 crore during this period.

Some large IPOs enabled this big primary market investment. Net of the primary market purchase the total FPI sell figure stands at Rs85,790 crore during this period, according to market experts. Sustained FPI selling has impacted market sentiments, pulling the Nifty down by 8 per cent from the peak.

According to market experts, FPIs are likely to continue their selling in the near-term since the market sentiment has turned weak due to the escalation of tensions in the Middle East and the uncertainty regarding the outcome of the US presidential elections.