Overseas investors bought Indian equities worth ₹32,779 crore across 17 sectors in the first 15 days of September, according to data from NSDL.
Financial services received the highest inflows as Foreign Portfolio Investors (FPIs) pumped ₹12,253 crore into the sector in the first-half of September, after selling a similar amount in August. Nifty Bank and Nifty Financial Services indices gained 6.13% and 6.95%, respectively, in the past month. From January to August, overseas investors pulled ₹64,932 crore out of the shares in the sector.
«While the rate cut by the US Federal Reserve is a major trigger for foreign inflows into banks and NBFCs, their relatively more attractive valuations compared to the broader market are also leading to foreign investment in the sector,» said Pratik Gupta, CEO, Kotak Institutional Equities.
Gupta said that since the quantum of rate cut is high at 50 basis points, further inflows are likely in the financial services sector, subject to global volatility.
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