Foreign portfolio investors (FPIs) have pumped more than $2 billion into Indian equities over the past 10 days, as domestic growth strengthens, and earnings continue to exceed expectations.
The total investments across stock exchanges and primary markets touched $2.28 billion, while data showed that FPIs invested $1.14 billion through the stock exchanges route only. This means that primary markets drove the other half of buying, at $1.14 billion during the same time period.
The sustained interest comes amid Jio Platforms' record listing on 28th October, which drove nearly half the buying for the 10 day period, at $1.1 billion. The stock listed at Rs 1,358 per share, a premium of 21.4% to its issue price, and closed the session at Rs 1,419 apiece.
Further, the global artificial intelligence (AI) trade is continuing to show cracks. Global indices with a heavy concentration in AI and semiconductor-related stocks such as the Nasdaq, Kospi and Taipex have seen a significant sell-off, falling up to 3.5% during a single session, with megacaps such as Samsung, Alphabet, and Intel crashing 50% over the past month.
India's domestic, traditional market has been seen as an anti-AI trade, which has contributed to the appeal during a time where these stocks are seeing crashes. For the month of October, the domestic benchmarks gained 2%, outperforming other emerging markets.