FIIs fixing billion-dollar blunder, bank stocks on top of buying list
Foreign institutional investors (FIIs), who started fleeing India after Nifty hit record high in September-end, are now on a course correction path. After selling Indian stocks worth Rs 116,437 crore in the one-and-a-half month period beginning October, FIIs ended up being buyers to the tune of Rs 809 crore last fortnight.
December month saw acceleration in the pace of buying as FIIs have pumped in around Rs 23,500 crore so far in the month.
«With GDP and earnings growth expected to exceed the global average and may outperform many other emerging markets, India seems well-positioned to continue attracting significant capital inflows. Consequently, driven by its robust economic prospects and strong fundamentals, India may remain a key destination for investment in the medium to long term,» LIC Mutual Fund's Karan Doshi told ETMarkets.
Also read | Main Jhukega Nahi! Why Sensex is up 2,700 points in 5 days despite twin Q2 shockers
Which stocks FIIs are buying and selling?
NSDL data shows that financial services was on top of the buying list of FIIs in the second half of November. After selling financial stocks worth Rs 7,092 crore in the first fortnight of the month, FIIs took a U-turn and spent Rs 9,597 crore on the sector in the second fortnight.
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