Highlights

  • India dedicated funds also see outflows
  • From October Nifty down over 10%

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Rupee at record low, Markets sink further: FIIs flee Indian markets for 7 straight months

April marks seventh straight month of FII outflows for India

It is risk off for the market and the Rupee is feeling the brunt of it along with equities. The domestic currency fell to a record low of Rs 77.13 per US dollar in Monday's trade as equity outflows continue. 50 stock benchmark Nifty is at the lowest level since March 9.

Foreign investors have now pulled out funds for 7 straight months from the Indian markets. March saw an outflow of $5.4 billion, the worst since the pandemic began. Though domestic funds have chipped in the selling pressure is evident on the benchmark index. Nifty is down 10% from October peak, while smallcaps are down 20%.

Foreign funds' ownership in domestic equities fell to pre-COVID lows and hit a multi-year low of 19.5 per cent in March this year in NSE500 companies valued at $ 619 billion, shows an analysis.

At 19.5 per cent the FPI ownership in March 2022, is the lowest in the past three years, when it was 19.3 per cent in March in 2019, which was a pre-COVID period.


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