IT weeps & FMCG moans, but $3.5 billion FII selloff shouldn't worry Indian investors
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Despite a nascent recovery in Indian markets, it's important to highlight that foreign institutional investors (FIIs) have kept up their selling trend in the first two weeks of March. However, this was followed by an emphatic consensus that the sell-off is slowing, something which Indian investors can hang on to. With a little bit of help from the Fed, analysts say the trend could even reverse. Like the earlier month, the fortnight (ending March 15) sell-off affected nearly all sectors in the market, with the exception of metals. Metal stocks stood out as they attracted investments worth Rs 1,100 crore, making them the only sector to buck the trend. This was not the case in the preceding period. The worst-hit sectors of FII wrath were IT, FMCG, Auto, Financial, and Healthcare, as FIIs withdrew nearly Rs 19,000 crore ($2.2 billion) from stocks in these areas. The total outflows from Indian equities amounted to Rs 30,015 crore ($3.5 bil...