FIIs turn net buyers of software & services, real estate stocks
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As foreign institutional investors (FII) largely pulled out investments in April amid the resurgent Covid crisis, software and services and real estate stocks ducked the subdued trend and attracted foreign funds during the second half of April.
As per a research report released by Emkay Global Financial Services, the FIIs showed maximum interest in software and services and real estate sector companies. For the fortnight April 16-30, 2021, the software and services and the real estate sector saw buying worth $281 million and $232 million respectively.
On the other hand, FIIs turned sellers for the Materials sector last fortnight, with the highest sectoral outflow of $570 million. FIIs also continued selling in banks and the energy sector, with each seeing outflows in excess of $200 million.
Automobiles and components stocks witnessed an outflow of $125 million, followed by $101 million worth of selling in diversified financial stocks.
Overall, FIIs turned net sellers in April, after six months. They pulled out net investments of Rs 12,039.43 crore last month. Over the past one year, FII inflow was unprecedented amid a stock market bull run and liquidity surge both in India and other economies.
However, in the past one month the severe Covid crisis and the eventual lockdowns have weakened the investor sentiments.
