AFTER a massive inflow of over ₹2 lakh crore in the financial year 2023-24, foreign portfolio investors (FPIs) have turned cautious on the Indian equity market in FY25 owing to its premium valuation and a not-sodesired general election result.
The National Securities Depository Limited (NSDL) data shows FPIs have pulled out over 37,000 crore in the first two-and-a-half months of FY25. During this period, domestic equity market benchmarks BSE Sensex and NSE Nifty have gained over 4% each.
As per Sunil Damania, Chief investment officer at MojoPMS, the valuation of Indian markets is high, with the trailing twelve-month (TTM) price-toearnings (PE) ratio exceeding 25x and a market capitalisationto-GDP ratio of 140%. "Such high valuations provide little incentive for FPIs to invest. There is also uncertainty surrounding the upcoming budget... As a result, FPIs are waiting to see until the budget is presented," said Damamia.
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