FPIs sell big in oil & gas and financial stocks, add IT
[hfe_template id='11223']
[ad_1]
Mumbai: Overseas investors sold Indian equities worth ₹30,774 crore across 13 sectors between November 1 and 15 according to data from NSDL. They sold the most in the oil & gas sector, to the tune of ₹7,214 crore, in the first half of the month after selling shares of these companies worth over ₹21,000 crore in October. From January to October, foreign investors pulled ₹32,000 crore out of the shares in the oil and gas sector. "The oil and gas sector witnessed the maximum decline in earnings (26% YoY) in the September quarter due to volatility in crude oil prices and falling gross refining margins," said Pankaj Pandey, head of retail research, ICICI Securities. The selling pressure is expected to continue as Donald Trump's return as the US President could push crude prices lower, he said. So far in November, foreign investors sold shares worth ₹25,254.6 crore. This comes after foreign outflows hit a record high of ₹1.04 ...