FPIs dump $2.1 bn worth bank shares in Nov, pump $2.7 bn into FMCG stocks

The inflows into the realty sector too could have been subdued if not for Godrej Properties' inclusion in the MSCI index

Foreign portfolio investors (FPIs) dumped $2.1 billion worth of shares of banks and financial companies in November, triggering a 9 per cent slide in the Bank Nifty index.

On the other hand, they steered towards more defensive counters, pumping in over $2.7 billion into fast moving consumer goods (FMCG) and retail stocks, according to an analysis by Sriram Velayudhan, vice president – alternative research at IIFL-Institutional Equities.

Last month, the market saw their worst monthly decline since March 2020 as the new coronavirus variant and the US Federal Reserve’s hawkish turn rattled investors across the globe.

Oil and gas (FPI outflows of $634mn),