FPI buying in Indian IT rises to highest since July 2022: NSDL data

Foreign portfolio investors (FPIs) net bought Indian IT stocks worth 117.63 billion rupees ($1.40 billion) in July, data from National Securities Depository (NSDL) showed, the highest since a new sectoral classification was implemented in 2022.

The NSDL had re-classified sectors in April 2022, trimming the total number of sectors from 35 to 22 after India’s stock exchange NSE and BSE adopted a common industry classification system.

Prior to this, the IT sector was divided into software, services and hardware technology.