With FPIs extending selling for the 9th straight month in June, Q1FY23 witnessed a record quarterly outflow of $15.03 billion from equity markets, writes Yoosef KP in Mumbai.
Bulk of FPI selling in Q1 was in the financials and IT sectors, whereas healthcare and automobiles saw inflows of $17.8 billion and $4 billion, respectively.
Persistent FPI selling, coupled with surging oil prices, has weekend rupee and bond. While rupee clocked its biggest quarterly drop in nine, yield on 10-year benchmark bond surged 61 bps to 7.45%. Sensex slipped 9.5% in the June quarter to mark its biggest quarterly fall since March 2020.