 "FPIs")
The information technology (IT) sector had to bear the maximum brunt of foreign portfolio investor (FPI) selling in May. Overseas investors dumped shares worth $5.15 billion last month, which included $2 billion worth of selling in IT shares, according to an analysis done by IIFL Securities.
After IT, banking & financial services and fast-moving consumer goods (FMCG) saw the biggest outflows — at $1.55 billion and $660 million — respectively. Oil and gas stocks saw selling worth $460 million.
Banking & financial services and technology sectors have been seeing heavy selling for some time now. These two are also the biggest sectors
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