FPIs sell $105.8 m stocks in first session of October

By: |
Mumbai | Published: October 4, 2017 4:00:48 AM

Foreign Portfolio Investors (FPIs) continued their selling spree in the first session of October after offloading equities worth $ 3.6 billion in the last two months.

fpi, fpi investment, who is fpi, foreign portfolio inverstorsOn Tuesday foreign investors sold shares worth 5.8 million, provisional data on exchanges showed. (PTI)

Foreign Portfolio Investors (FPIs) continued their selling spree in the first session of October after offloading equities worth $ 3.6 billion in the last two months. On Tuesday foreign investors sold shares worth $105.8 million, provisional data on exchanges showed.

FPIs sold Indian equities worth close to $1.6 billion in September, after offloading stocks worth nearly $2 billion in August. Sensex at the present levels of 31,497.38 trades at a price-earnings multiple of over 17.95 times one-year estimated forward earnings.

Brokerages have been expressing caution the Indian market is overvalued. They have also flagged the downwards revisions to earnings estimates. Concerns over steep valuations have seen investors take risk off the table.

Earnings estimates for FY18 are being trimmed with almost every sector having seen a downgrade. Net profits for the Nifty set of companies fell around 11% year-on-year in Q1FY18, disappointing the Street.

Geopolitical tensions have also weighed on investor sentiment. Among the emerging markets (EMs), Taiwan has witnessed outflows in at $ 99.8 million. FPI sales in Indonesia was at $ 135.7 million.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Dhanteras: BSE extends trade in gold ETFs, Sovereign Gold Bond
2Wall Street hits another record high; Ford, GM higher
3Petrol, diesel prices slashed as Narendra Modi government cuts excise duty by Rs 2 per litre