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FIIs' stake in NSE 500 companies at over 2-year low, says BofA Securities report
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SME Times News Bureau | 25 Apr, 2022
Ownership of foreign institutional investors in Indian stocks -- NSE 500
companies -- hit an over two-year low of 19.5 per cent in the month of
March 2022, a report by multinational firm BofA Securities said.
March of 2022 was the sixth consecutive month of FII outflows
(-) $5.4 billion, most severe since March 2020, the initial days of
Covid, on the back of continued geopolitical risks, sustained elevated
inflation led by supply-side issues, rising commodity costs.
In
April so far, however, fund outflows by FIIs slowed down at (-) $1.2
billion, indicating potential stemming or reversal of the FII outflows,
the report said.
At the same time, domestic institutional
investors, on the other hand, remain upbeat with monthly flows touching
new highs at (+) $6 billion, up 19 per cent month-on-month, crossing the
$5 billion mark for the second consecutive month.
In January-March, DIIs invested $ 14.6 billion, the report said.
"We
expect markets to be sideways near term given inflation impacting
volume growth and margins across several sectors. Our year end Nifty
target of 17K offers no upside but we prefer financials, industrials,
select autos among cyclicals and utilities and healthcare among
defensives."
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