After selling metals and mining shares worth ₹7,000 crore in August, FPIs offloaded another ₹4,556 crore worth of shares in the sector. Overseas investors also sold power shares worth ₹4,153 crore after they allocated a dominant ₹11,563 crore to the sector stocks in August.
In addition, FPIs have offloaded shares in other sectors, including services valued at ₹3,706 crore, oil and gas shares totalling ₹2,687 crore, and telecom shares amounting to ₹1,204 crore.
FPIs pumped ₹6,400 crore into BFSI (Banking, Financial Services, and Insurance) stocks after selling a similar amount in August. Nifty Bank and Nifty Financial indices gained nearly 1.5% in the past month.
They extended their buying streak in capital goods stocks for the eighth consecutive month, lapping up shares worth ₹3,569 crore in the first half of September. Capital goods firms are seeing an unprecedented surge in order books. The order backlog of the top 30 engineering and construction (E&C) companies rose 12% to $161 billion in the June quarter, driven by large orders from railway and road construction sectors.
FPIs also bought shares of information technology (IT) companies worth ₹1,438 crore during this period after investing ₹4,088 crore in August. This shift in sentiment comes after they pulled ₹15,800 crore out of IT stocks between January and July. In 2022, they sold IT shares worth ₹71,400 crore.
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