ANI
22 Jan 2023, 13:33 GMT+10
New Delhi [India], January 22 (ANI): Foreign portfolio investors (FPIs) have sold assets worth about Rs 15,236 crore in Indian stock markets so far in 2023 (till January 20), the latest data from National Securities Depository showed.
Foreign investors are apparently cautious amid risks of the potential return of Covid, besides looming global recession worries as flagged by various agencies.
In November and December 2022, foreign portfolio investors (FPIs) were net buyers. They had bought assets worth Rs 36,239 crore and Rs 11,119 crore, respectively.
Prior to November, they were net sellers in September and October amid the then-strong US dollar index, weak rupee, and tightening of monetary policy.
Notably, barring some exceptions, foreign portfolio investors (FPIs) had been selling equities in the Indian markets for over a year, which started in October 2021 for various reasons.
In 2022, foreign portfolio investors overall sold Rs 121,439 crore worth of stocks in India on a cumulative basis, the data available on the NSDL website showed.
Tightening monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds from Indian markets. Investors typically prefer stable markets in times of high market uncertainty.
Meanwhile, a World Bank report has projected that the global economy will grow by a mere 1.7 per cent in 2023, down from the 3 per cent it estimated in its earlier forecast. In 2024, the global economy is projected to grow by 2.7 per cent, against the previous estimate of 3 per cent.
Given fragile economic conditions, any new adverse development such as higher-than-expected inflation, an abrupt rise in key interest rates to contain it, a resurgence of the Covid-19 cases, or escalating geopolitical tensions could push the global economy into recession, the World Bank report said. (ANI)Get a daily dose of Baton Rouge Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Baton Rouge Post.
More InformationNEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
SYDNEY, NSW, Australia - , Australian Federal Police (AFP) have shut down a secret drug lab in Sydney's west and seized more than 100kg...
Multiple Kiev officials have criticized the halt of US weapon supplies Kiev is no longer a priority at the center of US foreign policy,...
Chinese premier to attend 17th BRICS Summit in Brazil, visit Egypt China looks forward to working with all parties to consolidate...
Washington DC [US], July 3 (ANI): US State Department Deputy Spokesperson Mignon Houston on Wednesday (local time) said that India...
A UN office said that approximately 85 percent of Gaza's territory is either under displacement orders or located within militarized...