FPIs Pull Out Over $1 Billion From Financial Stocks For Second Straight Month In May

"Foreign investors continued their trend of withdrawing funds from financial stocks, marking the second consecutive month of outflows exceeding $1 billion, according to data compiled by NDTV Profit from the National Securities Depository Ltd.In May, overseas investors offloaded approximately $1.02 billion worth of financial services shares, following a similar trend observed in April when they divested $1.1 billion from the sector. This trend coincided with a 4.1% decline in the NSE Nifty Financial Services index during May, while the broader NSE Nifty 50 saw marginal gains of 0.2%..Lok Sabha Election Outcome May Hinder Execution Of Public Sector Bank Reforms: Analysts.During this period, foreign portfolio investors pulled out a total of $3.1 billion from Indian equities, as revealed by NDSL data. Notably, these outflows occurred amid the 2024 Lok Sabha elections in India, which commenced in April and continued until June 1.To be sure, specific details regarding foreign investments or outflows from individual stocks were not immediately available. However, on May 29, Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte. each sold over 58 lakh shares or 2.23% stake in PNB Housing Finance Ltd. for Rs 844 crore, while French investment bank Societe Generale acquired shares worth Rs 94.8 crore.Following the financial sector, the information technology sector witnessed the second-highest FPI outflows in May, with offshore investors divesting $694 million worth of equities, as per NSDL data. This trend was followed by outflows from the oil and gas, fast-moving consumer goods, and automobile and auto component sectors..Markets On Recovery Path, Will Remain Resilient, Say Analysts.In contrast, capital goods shares saw a surge in foreign fund inflows during May, with overseas investors injecting $723 million into the sector, marking the highest monthly FPI flows in nine months. This influx occurred despite a 6.3% decline in the S&P BSE Capital Goods index, juxtaposed with a 0.6% increase in the S&P BSE Sensex..Raamdeo Agrawal Optimistic About India Growth Story Despite Market Uncertainty.Capital goods was succeeded by consumer services, realty, and telecommunication sectors in terms of foreign fund inflows during May, as per NSDL data..FPIs Stay Net Sellers For The Second Straight Day"

FPIs Pull Out Over $1 Billion From Financial Stocks For Second Straight Month In May

The trend coincided with a 4.1% decline in the NSE Nifty Financial Services index last month.

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FPIs Pull Out Over $1 Billion From Financial Stocks For Second Straight Month In May

The trend coincided with a 4.1% decline in the NSE Nifty Financial Services index last month.

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