FIIs just sucked out Rs 26,000 crore from banks and financial stocks. More pain on the way?
Foreign institutional investors (FIIs), who withdrew Rs 1,13,859 crore from the secondary market in India in October, sold banks and other financial stocks worth about Rs 26,139 crore last month.
Second on their selling list was oil and gas stocks worth about Rs 21,444 crore, followed by Rs 11,582 crore sell-off in FMCG and another Rs 10,440 crore outflow recorded in the auto sector, shows NSDL data.
On a net basis, FIIs sold Rs 94,017 crore from Dalal Street in the month as against a buying of Rs 57,723 in September. Selling was recorded from most other sectors like consumer services, IT, consumer durables, power, realty, telecom and capital goods.
In the calendar year 2024 so far, financial services sector has seen the largest outflow ($7.65 billion) followed by the energy sector ($3.8 billion).
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