FPIs exit BFSI, information technology stocks in May’s opening weeks

Stocks in the banking and information technology (IT) sectors have accounted for more than half of the selloff by foreign portfolio investors (FPIs) during the first half of this month.

According to PRIME Infobase, FPIs withdrew nearly Rs 10,000 crore from financial stocks, mainly banks, and another Rs 5,574 crore from the IT pack between May 1 and May 15.

During the fortnight, total FPI selling stood at Rs 25,278 crore ($3 billion).

Construction, oil and gas, and fast-moving consumer goods (FMCG) stocks were among the other sectors that saw heightened FPI selling.