Improved global-risk sentiment, encouraging corporate results, and positive macro indicators have led to the best buying by foreign portfolio investors (FPI) in nine months. This month, FPIs have been net buyers of equities worth Rs 37,317 crore, the highest since August last year.
FPIs were net sellers for the first two months of this year but turned buyers in March amid moderating valuations. The Indian markets corrected nearly 10 per cent between December and March. Buying continued amid hopes that rate hikes by the US Federal Reserve had peaked.
“FPIs want to cash in on valuation comfort before everyone was convinced that rate hikes are peaking,” said G Chokkalingam, founder of Equinomics.
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