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FPIs dump shares worth Rs.1,700 cr in just 4 trading sessions

PTI | New Delhi |

Foreign investors have pulled out close to Rs.1,700 crore from Indian stock markets in the last four trading sessions amid global weakness triggered by a renewed slide in crude prices.

This comes following a record net inflow of over Rs.40,000 crore in the last three months (February-April) on several factors, including expectations that BJP's victory in recently held assembly polls will accelerate the pace of reforms.
Foreign portfolio investors (FPIs) had pulled out over Rs.1,100 crore from equities in January.

According to depository data, FPIs withdrew a net sum of Rs.1,680 crore from equity markets during 2-5 May. However, they pumped in Rs.1,177 crore in the debt segment during the period under review.

Drop in crude and fresh fall in commodities, including base metals, has sparked concerns about the health of the global economy, market experts said.

Oil prices touched a five-month low of $43.76 a barrel on 5 May.

“Investor sentiments took a hit following a sharp plunge in oil,” said Anand James, Chief Market Strategist, Geojit Financial Services.

So far in 2017, total fund mobilisation in equities stands at Rs.40,345 crore.