Powered by US boutique investment firm GQG, FPIs turn net buyers

US boutique investment firm GQG Partners’ $1.87 billion investment in four Adani Group companies in early March single-handedly helped foreign portfolio investors (FPI) record net purchases of Indian equities in the first half of the month.

FPIs bought equities worth $1.52 billionbetween March 1 and 15, the most since November 2022, acco­rding to National Securities Depo­sitory data. Excl­uding GQG's investment, FPIs would have extended their two-month-long selling stre­ak into the first half of March. Analysts expect that foreign selling in domestic equities is likely to continue for a few more mo­nths due to fears of a global banking contagion after the collapse of Silicon Valley Bank and Cre­dit Suisse, among others.