Foreign investors have been massively selling Indian equities, with the selloff intensifying from the second half of September onwards, adding fuel to the fall in the Indian stock market amid rising oil prices, soaring bond yields and other factors. Latest fortnightly data from the National Securities Depository Limited (NSDL) show FIIs net sold Rs 35,861 crore across Indian equities during the month. Here are the sectors which saw the sharpest net selling by foreign investors between September 16 and September 30.
Financial services saw the sharpest FII selloff in the second half of September, as foreign investors pulled out Rs 6,943 crore from the stocks. In the first half of the month, they net sold financial services shares worth Rs 6,204 crore. The sector saw the sharpest FII selloff among all sectors in September.
As the Middle East conflict escalated, oil prices jumped and FIIs net sold oil, gas and consumable fuel shares worth Rs 4,469 crore in the second half of September. The selloff intensified in the second half, after FIIs net sold oil and gas shares worth Rs 2,385 crore in the first half of September.
Automobile and auto component-makers also saw FIIs sharply sell their shares. Foreign investors net sold shares worth Rs 3,542 crore during the period. This comes after they net sold shares worth Rs 2,670 crore in the first half of September.
FIIs sold telecom stocks worth Rs 2,423 crore between September 16 and September 30. This is more than double the Rs 991 crore shares FIIs sold in the first half of last month.