FIIs sell Rs 629 cr in April, underweight on utilities, industrials

Foreign institutional investor (FII) stock ownership of India’s top 75 companies rose to 20.4 percent in the Jan-March quarter, from 19.5 percent in the previous quarter, according to Morgan Stanley.

[caption id=“attachment_295486” align=“alignleft” width=“380” caption=“Reuters”] [/caption]

FIIs appear to have been overweight in financials, followed by consumer discretionary and telecom, Morgan Stanley said in a note. Their biggest underweight positions were in materials, industrials, and utilities, the US bank added.

The Sensex and the Nifty hit their 2012 peak on 22 February, but have fallen 6 percent since then as of Monday’s close after a tough March marked by the government’s proposed taxation for foreign investors.

FIIs have bought a net of Rs 43951 crore in Indian equities in the Jan-March quarter, according to regulator SEBI and National Stock Exchange data, but have sold Rs 629crore in April.

Reuters