FPI returns since 4 June all but wiped out
Subscribe to enjoy similar stories. The continuing slide of the Indian markets on Monday saw dollar returns of foreign investors all but wiped out since the general election results day low of 4 June. Benchmarks NSE Nifty and BSE Sensex, buffeted by sustained foreign investor selling amid a US tech rout, fell more than 1% each on Monday, even as the BSE Dollex 30 fell 1.29% due to a weaker rupee.
The Dollex is the US dollar version of the bellwether Sensex 30. After Monday’s fall, the BSE Dollex 30 traded at 7,161.83, just 1% away from its closing low of 7,085.67 on 4 June. That day, the Dollex, tracking the Sensex, had tanked 6% overnight with the BJP falling short of winning a majority on its own in the Lok Sabha elections.
In contrast, the Nifty at Monday’s close of 22,829.15 and the Sensex at 75,366.17 are still more than 4% away from their lows of 21,884.5 and 72,079.05 on 4 June. The dollex's underperfomance is because of the rupee depreciating by 3.36% to 86.34 to the US dollar over the same period. The Dollex had risen 19% from its 4 June low to a record closing high of 8,419 on 26 September from where it has plunged amid a falling rupee and weakness in corporate earnings.
“In dollar terms, foreigners are close to making zero returns this year and keep selling amid an organic slowdown in India," said veteran investor Shankar Sharma. “The tech rout seen on Monday and Trump’s measures merely accentuate the weakness." Sharma was referring to the 3.5% fall in Nasdaq futures on competition concerns from Chinese AI start-up DeepSeek, which won top spot on Apple iPhone’s app store. According to data from BSE, foreign portfolio investors (FPIs) sold shares worth a provisional ₹5,015.46 crore on Monday, taking their total
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