FPIs infuse Rs 44,344 crore in stock markets this month ahead of Union Budget
Foreign portfolio investors (FPI) continued the investment momentum in the stock markets in India, infusing around Rs 44,344 crore in equity and debt this month (till July 19).
IANS
Jul 20, 2024 09:05
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Mumbai, July 20 (IANS) Foreign portfolio investors (FPI) continued the investment momentum in the stock markets in India, infusing around Rs 44,344 crore in equity and debt this month (till July 19).
Market analysts said that FPIs were consistent buyers with buying picking up during the week ended July 19.
FPIs have invested worth Rs 30,771 crore in equity and Rs 13,573 crore in debt.
They were buyers in autos, capital goods, healthcare, IT, telecom and oil and gas.
"A notable trend was the lack of buying in financial services, which partly explains the poor performance of financial services in July so far," said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
If the recent trend of weakness in dollar and bond yields persist, FPIs are likely to continue their buying in the market.
According to experts, domestic and foreign investors are keenly watching for possible tweaks in the long-term capital gains tax in the Union Budget 2024-2025, to be presented on July 23.
There was a total net inflow of Rs 2,82,338 crore for both equity and debt in FY24.
According to market analysts, the FPI community will play a major role in positioning India as the third-largest economy in the world.
The reason for a quick rebound in the capital markets can be attributed to the positive sentiments and a stable government's assurance of continuity of reforms.
All eyes are now on the budget proposals which will hopefully announce path-breaking reforms, providing India a golden opportunity against the other emerging global markets.
--IANS
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