Rs 1.16 lakh crore FII money flushed out in nearly 2 months. Why should you still not worry?
foreign institutional investors (FIIs) for the last one-and-half months which have resulted in an 8-9% correction in the Indian benchmark indices, the outflows are just about 1% of foreign ownership in the domestic equities.
Moreover, the local markets are cushioned with 83% domestic ownership with tailwinds of strong retail appetite.
So far in 2024, FIIs have been net sellers at Rs 15,827 crore from being net buyers of Indian equities till September. Since October, they have net sold domestic shares worth Rs 1.16 lakh crore as of Thursday, November 14, 2024.
«Domestic retail appetite remains strong, off-setting foreign jitters,» said CLSA in a note as it underscored the importance of the «highest proportion» of domestic ownership for the Indian markets across the emerging markets.
The trigger for FII outflows has been rotation from India to China as Indian markets seemed relatively more expensive coupled with weak Q2 earnings, said Tata Mutual Fund. While it feels that the shift could further impact flows into emerging markets like India, the recent outflows represent only about 1% of foreign ownership in Indian equities, it said.
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