FPIs begin 2023 in sell-off mode; pull out nearly Rs 5,900 crore

Foreign investors offloaded nearly Rs 5,900 crore from the Indian equity markets in the first week of January on growing concerns over the re-emergence of Covid in some parts of the world and recession worries in the US.

Foreign Portfolio Investors (FPIs) have been adopting a cautious stance toward Indian equity markets for the past few weeks.

Going forward, FPIs flow is expected to remain volatile amid GDP growth concerns, high global interest rates, and muted earnings expectations in the third quarter, Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said.

According to data with the depositories, FPIs have made a