- IT AND OIL & GAS MAJOR LOSERS
A reversal in the trend indicated that foreign investors were seeing value in Indian equities again, given that $16.5 billion was withdrawn in calendar year 2022.
However, September and October saw the FPI run hit a snag, with over $4.7 billion being withdrawn.
Combined with $4.2 billion in net outflows seen in January and February, the overall net selling this year has been close to $9 billion, because of which net inflows for the nine months stand at $11.7 billion.
Financials are usually the prime pick of foreign investors, but 2023 has seen capital goods record the maximum net inflows at $4.2 billion. Auto and auto components rank next with $3.1-billion inflows.
"Capital goods have been a beneficiary thanks to higher government spending and order inflows. The expansion and modernisation of capacity by corporates have also benefitted the auto sector, which has shown a secular growth trend.
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