Oil & gas, power form bulk of stocks sold by FPIs in first fortnight of Feb

Financial services, IT, capital goods among favoured sectors, with FPIs buying stocks worth over Rs 5,600 cr in these spaces

FPI, foreign investments, investors, FDI, funding, growth, market
Sundar Sethuraman Mumbai
2 min read Last Updated : Feb 21 2023 | 11:09 PM IST
The shares of oil & gas and power companies accounted for the bulk of stocks sold by foreign portfolio investors (FPIs) during the first fortnight of February. FPIs sold oil, gas and consumable fuel stocks worth Rs 6,263 crore, and power stocks worth Rs 2,351 crore, according to data collated by PRIME Infobase.

Metals and Mining (Rs 1,948 crore), Chemicals (Rs 411 crore), and fast-moving consumer goods (Rs 353 crore) are other sectors where FPIs sold shares. FPIs sold shares worth Rs 4,807 crore on a net basis in the first fortnight of February 2023.

FPIs also bought shares worth Rs 2,368 crore in the financial service sector, IT shares worth Rs 1,777 crore and capital goods stocks worth Rs 1,509 crore.

Analysts cited moderating employee costs, attrition and reasonable valuations as the reason for bullishness in IT stocks. Regarding finance companies, analysts said rising credit growth and reduction in non-performing assets (NPA) and better profitability vis-a-vis other sectors as the reason for the buying.

As of February 15, 2023, the highest sectoral allocation was to financial services at 33.7 per cent, followed by IT at 11.7 per cent, and oil and gas at 10.3 per cent. 


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Topics :FPIsoil & gas stocks

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