Telecom, services draw big FPI flows; IT faces selloff in late May

Mumbai: Telecom, services, capital goods and consumer goods were the top recipients of the foreign fund flows in the second-half of May, according to data from NSDL. Traditional heavyweights like banks and information technology sectors saw outflows in this period, when overseas fund managers resumed purchases of Indian equities after a pause.

Telecommunications stocks received the highest inflow at ₹7,052 crore in the second-half of the month after Singapore’s Singtel sold Bharti Airtel shares worth ₹12,880 crore in a bulk deal on May 16.