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Friday, January 27, 2023

Business News | Foreign investors sold Rs 15,236 Cr worth of Indian shares in 2023

New Delhi [India]Jan 22 (ANI): Foreign Portfolio Investors (FPIs) have sold roughly Rs 15,236 crore worth of assets on Indian stock markets so far in 2023 (until Jan 20), latest data shows data from the National Securities Depository.

Foreign investors appear to be cautious amid the risks of a possible return of Covid, in addition to concerns about the looming global recession, as noted by several agencies.

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In November and December 2022, Foreign Portfolio Investors (FPIs) were net buyers. They had purchased assets worth Rs 36,239 crore and Rs 11,119 crore respectively.

Before November, they were net sellers in September and October amid the then-strong US dollar index, rupee weakness and monetary policy tightening.

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Notably, with a few exceptions, Foreign Portfolio Investors (FPIs) had been selling shares in the Indian markets for over a year, which started in October 2021 for various reasons.

In 2022, foreign portfolio investors overall sold Rs 121,439 crore worth of shares in India cumulatively, data available on the NSDL website showed.

Monetary policy tightening in advanced economies, including growing demand for dollar-denominated commodities, and the strength of the US dollar had triggered a steady outflow of funds from Indian markets. Investors often prefer stable markets in times of great market uncertainty.

Meanwhile, a World Bank report has projected that the global economy will grow just 1.7 percent in 2023, down from the 3 percent it estimated in its previous forecast. In 2024, the global economy is projected to grow by 2.7%, up from the previous estimate of 3%.

Given the fragile economic conditions, any new adverse event, such as higher-than-expected inflation, a sharp increase in key interest rates to contain it, a resurgence in Covid-19 cases, or an escalation in geopolitical tensions, could lead to to the world economy to recession. said the World Bank report. (AND ME)

(This is an auto-generated, raw story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)

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