FPIs turn net sellers after 6 months; withdraw Rs 9,659 crore in April

This was the first net withdrawal since September 2020, when they had pulled out a net of Rs 7,782 crore from equities

Snapping their six-month buying spree, foreign investors turned net sellers in April and pulled out Rs 9,659 crore from Indian equities, spooked by the intense second wave of coronavirus and its fallout on the economy.

If the fears of COVID-19 increases among foreign investors, we can witness further redemptions, which can result in some more volatility in the market, Harshad Chetanwala, co-founder Mywealthgrowth.com, said.

According to data available with depositories, foreign portfolio investors (FPIs) withdrew a net sum of Rs 9,659 crore from Indian equity markets in April.

This was the first net withdrawal since September 2020, when they had pulled out a