An unabated outflow in the secondary market since October is likely to result in the worst ever annual equity selloff for FY25 in rupee terms by foreign portfolio investors (FPIs).
They sold Rs30,015 crore worth of equities including primary and secondary markets in the first two weeks of March, taking the total outflow during the fiscal year so far to Rs 1.5 lakh crore. It has surpassed the earlier peak outflow of Rs1.4 lakh crore in FY22.
In the dollar terms, FPIs sold $17,664 million worth of equity in FY25 so far, which is lower than $18,468 million sold in FY22. The difference in the rupee and dollar denominated numbers can be attributed to the 12% depreciation in the rupee between FY22 and FY25.
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FPIs were net sellers in the secondary market in March for the first fortnight, selling $3,628 million worth of equities. They remained net sellers on each of the nine trading sessions during the period. If the selling continues for the remainder of the month, it would be the sixth consecutive month of selloff.
In the primary market, they invested a net $189.6 million (Rs1,654.5 crore) in the first fortnight of March. They have remained net buyers in the primary market in each of the 12 months of FY25 till March 13, investing $14,344 million (around Rs 1.2 lakh crore) on cumulative basis.
Domestic funds stayed invested in the local equities in March, investing net Rs 13,516.6 crore till March 07. They have invested a record Rs 4.7 lakh crore in FY25 so far, more than doubling over the previous peak of Rs 2 lakh crore in FY24. Local funds invested more than Rs 1 lakh crore in each of the four years to FY25 driven by rising participation of retail investors.
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