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In late May, foreign investors drove a surge in automobile sector sales, offloading shares worth ₹3,323 crore, while also divesting ₹13,350 crore across multiple sectors. The NSDL data highlights a stark shift from earlier in the month, with inflows of ₹1,119 crore in April and ₹29,389 crore in CY 2023, underscoring a dynamic market landscape.
The selling spree in Indian stock markets by foreign portfolio investors (FPIs) turned aggressive in May, partly attributable to a strong US dollar, sticky inflation particularly in the food segment, and poll outcome-related anxieties.
The last major poll had estimated that the ruling Bharatiya Janata Party (BJP) party would win 342 seats, comfortably above the 272 majority required to return to power.
“Markets are playing blind man\’s bluff and they are just selling off first and then asking questions, says Ajay Bagga. Do not try to time this market. We do not know where it will go and how far? Both are very strong missile-based powers and this could increase in scope very fast. So, it is very difficult to price this.”