FPIs record unprecedented Rs 1.13 lakh crore sell-off in October, remain buyers in cash market
foreign portfolio investors (FPIs) in India offloaded a staggering Rs 1,13,858 crore through the exchanges in the month of October. However, they remained active buyers in the primary market for the month.
As opposed to the huge sell-off in the secondary market, the FPIs invested Rs 19,842 crore in the said time period.
The duality in the behavior of FPIs is explained by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stating that the primary market issues are mostly at fair valuations whereas the benchmark indices are trading at elevated valuations.
However, this relentless selling contributed hugely to the about 8% decline in benchmark indices from the peak.
“In view of the elevated valuations in India, FPIs may continue to sell thereby putting a cap on any possible up move in the market,” believes Vijayakumar.
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