FPIs warm up to finance and FMCG stocks in December, shows data

Rising credit growth, falling NPAs responsible for the pivot

investors, investment, funds, FPI, FDI, market
Illustration: Binay Sinha
Sundar Sethuraman Mumbai
1 min read Last Updated : Jan 09 2023 | 6:10 AM IST
The stocks of financial services and fast-moving consumer goods (FMCG) companies accounted for the maximum foreign portfolio investor (FPI) buying during the second fortnight of December last year.

FPIs bought finance stocks worth Rs 2,806 crore, and FMCG shares worth Rs 1,370 crore, according to data collated by PRIME Infobase.

Consumer services (Rs 974 core), metal and mining (Rs 277 crore), and power (Rs 177 crore) were the other sectors FPIs parked their money in the last two weeks of December 2022.

Rising credit growth and falling non-performing assets are attributed as reasons for the bullishness towards finance stocks.

FMCG stocks are considered defensive bets whenever there is global financial turmoil.

Alternatively, FPIs dumped information and technology stocks worth Rs 2,265 crore, and chemical stocks worth Rs 620 crore.

As of December 31, 2022, the highest sectoral allocation was to financial services at 32.95 per cent, from 32.69 per cent on December 15, 2022, followed by oil, gas, and consumable fuels at 11.44 per cent.







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Topics :FPIFMCG

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