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Below the quote on FPI from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

After sustained buying for three months, FPIs have turned sellers in the Indian market. During the last seven trading sessions FPIs sold stocks worth Rs 8545 crores in the cash market. Sharp spike in the U.S. 10-year bond yield above 4% is a near term negative for capital flows to emerging markets.

During the last three months FPIs have been sustained buyers in the Indian market having invested a cumulative amount of Rs 137603 crores. ( Source: NSDL )
If the US bond yields remain high FPIs are likely to continue selling or at least refrain from buying.

FPIs continued to buy autos, capital goods and financials.
A significant change in FPI strategy  is that they have started buying IT stocks, which they have been selling earlier. This explains the strength in IT stocks recently

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