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FPIs park `17,120 cr in debt space
Foreign Portfolio Investors (FPIs) have dumped Indian equities worth Rs24,700 crore so far this month, owing to surging bond yield in the US.
New Delhi: Foreign Portfolio Investors (FPIs) have dumped Indian equities worth Rs24,700 crore so far this month, owing to surging bond yield in the US. On the other hand, they are bullish on the debt market and infused Rs17,120 crore in the debt market during the period under review, data with the depositories showed. According to the data, Foreign Portfolio Investors (FPIs) have pulled out Rs24,734 crore from Indian equities this month (till January 25). Before this, FPIs made a net investment of Rs66,134 crore in the entire December and Rs9,000 crore in November.
“The rising bond yields in the US is a matter of concern, and this has triggered the recent bout of selling in the cash market,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. “The rally in global stock markets was triggered by the Fed pivot which saw the 10-year bond yield falling from 5 per cent to around 3.8 per cent. Now the 10-year bond is back at 4.18 per cent, which indicates that the Fed rate cut will come only in H2 of 2024,” he added.
