The Magnificent 7: FPIs' wild ride through selloff in seven sectors

Foreign portfolio investors (FPIs) in India seem to have their own ‘Magnificent 7’ when it comes to profit-booking.

 

In the US equity market, the term ‘Magnificent 7’ refers to seven stocks that together accounted for more than half of the market capitalisation gains last year. In India, seven sectors have been responsible for most of the FPI selling over the past five months.

 

Since October, FPIs have offloaded Indian equities worth ₹2.1 trillion, with seven sectors — financial services, oil and gas, automotive (auto) and auto components, fast-moving consumer goods (FMCG), consumer services, construction, and power — contributing ₹2.04 trillion,