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FPIs raise the ante by driving up allocation to oil & gas, auto stocks

FPIs increased their allocations to the oil and gas sector by 44 bps and the power sector by 21 bps

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Illustration by Binay Sinha

Samie Modak Mumbai
Foreign portfolio investors (FPIs) have increased their allocation to the automotive (auto) sector by 37 basis points (bps) month-on-month to 5.6 per cent in June - the highest level since March 2019.

Last week, the S&P BSE Auto Index made fresh lifetime highs - the first among BSE’s 19 sectoral indices to make a new record in recent months. Easing commodity prices, supply-chain issues, and a cut in fuel prices have elevated sentiment towards auto stocks.  

In a recent note, Morgan Stanley has said the auto industry looks ‘attractive’ as it has the right drivers in place to outperform the market. Besides