Rising crude oil prices and high valuations of domestic equities propelled Foreign Portfolio Investors to turn net sellers in FMCG, automobile, and several other sectors during the second half of March. They even moderated their fund infusions in capital goods and real estate sectors, which have been among their hot favourite bets in India during the year, leading to overall net outflows of $673 mln from Indian equities between Mar 16-Mar 31, data from National Securities Depository Ltd showed.
While the heavy inflows seen in the first half led to March seeing the highest net inflows in three months at $4.24 billion, the trend seen in the second half of March has continued in the initial few sessions in FY25.
“Two things happened in the first half of March. First was CAD (Current Account Deficit) number, which was much better-than-expected. We also had GDP number at roughly 8%,”said Priyam Shah, partner at Falcon Capital Partners, talking about the heavy inflows seen during Mar 1-Mar 15 period.
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FMCG sector, which saw net inflows of $1.35 billion between Mar 1-Mar 15, was the worst hit during the second half of the month, as it saw net outflows of $593 million. The automobile and consumer durables sectors also saw net outlflows of $250 million and $141 million, respectively, between Mar 16-Mar 31.
The financial services and information technology sectors, which are the two biggest holdings of FPIs in India, also saw outflows of $228 million and $67 million, respectively, in the last fortnight of FY24.
The price of Brent crude oil has risen from $85.34/barrel rupees on Mar 15 to $90.71/barrel today. Higher crude oil prices do not bode well for emerging markets, particularly India, as it could lead to inflation and higher import bill for the country, market participants said.
Bucking the trend, the telecom sector saw net inflows worth $158 million in the second half of March, on top of $802 million inflows in the first half.
During FY24, net inflows from FPIs was the highest in the capital goods sector at $5.67 billion amid the government’s push for infrastructure improvement. The consumer services and automobile companies were the next biggest receivers of FPI money in FY24. Meanwhile, FPIs net sold over $1 billion worth of shares of metals and mining companies during the year.
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