Financial services, IT top on FPI selloff list in May

Indian equities worth ₹27,258 crore across 14 sectors between May 1 and 15, as per NSDL data. Financial services and information technology sectors witnessed the highest selloff in the same period. Foreign investors offloaded shares worth ₹9,687 crore and ₹5,574 crore in the financial services and IT sectors, respectively. In April, the two sectors witnessed selling of over ₹9,000 crore each. In 2023, financial services had received foreign inflows worth ₹52,900 crore while IT saw selling worth ₹7,066 crore.

The construction sector witnessed foreign selling worth ₹3,811 crore in the first half of May after they bought shares worth ₹280 crore in April. Oil & gas and fast-moving consumer goods (FMCG) also saw foreign selling worth ₹2,808 crore and ₹1,158 crore respectively.

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Power, automobile, and telecommunication sectors also saw a shift in sentiment, with foreign investors dumping shares worth ₹792 crore, ₹706 crore and ₹272 crore in the first half of May after buying shares worth over ₹4,000 crore, ₹1,000 crore and ₹8,000 crore respectively in April.

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