Concerns over higher-for-longer interest rates in the US, surge in US bond yields and geo-political tensions have triggered a safe-haven appeal among foreign portfolio investors (FPIs), who have sold domestic shares worth over `35,000 crore (around $4.20 billion) on a net basis in the past two months.
While these investors pulled out Rs 14,768 crore worth of equities in September, they dumped Rs 20,356 crore of Indian stocks in October so far, the National Securities Depository Ltd (NSDL) data showed. On the other hand, domestic institutional investors (DIIs) pumped Rs 20,312 crore in September and Rs 23,437 crore in October in the stock market.
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