After a brutal selloff since October, foreign portfolio investor (FPI) flows for the year-to-date (YTD) in 2024 have turned negative. In early September, YTD FPI investments peaked at a record ₹22,000 crore ($2.6 billion). This wave of selling has also pulled down benchmark indices, with the Nifty's YTD returns declining to 11 per cent from their high of 21 per cent in September.
Three key factors have contributed to this shift in FPI trends: a recovery in China's markets fuelled by Beijing's aggressive stimulus measures, hardening US bond yields despite the Federal Reserve's (Fed's) shift towards rate easing, and underwhelming earnings reports from Indian companies for the July-September quarter.
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