Quote on FPI : FPI inflows continued in June with a total investment of Rs 16405 crores till 17th June Dr. V K Vijayakumar, Geojit Financial Services
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Below is quote on FPI By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
FPI inflows continued in June with a total investment of Rs 16405 crores till 17th June. This is on top of the massive Rs 43838 crores invested by FPIs in May. This sustained investment by FPIs is a reflection of their increasing confidence in the resilience of the Indian economy and the potential earnings of the corporate sector. There is a near consensus among the foreign investing community that India has the best growth and earnings story among the large emerging economies. FPIs are investing to exploit this potential.
FPIs continue to buy financials, automobiles and auto components, capital goods and construction-related stocks. They are sellers in IT, metals, power and textiles.
Since the benchmark indices are near record levels and valuations are rich (Nifty is trading at 20 times FY 24 earnings ) profit booking can be expected in the near-term.
An area of concern is that due to the El Niño phenomenon, monsoon has been deficient, so far, in 29 out of the 36 IMD divisions. This can improve in the coming weeks, as has happened in the past. If not, some institutional selling is likely.
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Trend reversal in FPI investment from buying in last 3 months to selling in Sep
