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FPIs dump banking and finance stocks as Omicron concerns weigh - Economic Times

The Nifty Bank index and the Nifty Financial Services index have lost 17% and 15%, respectively from the record high level, compared with a 10% fall in the benchmark Nifty 50.

Synopsis

Financial stocks, which serve as a proxy to economic recovery, are facing selling pressure in the current market fall. Analysts have lowered the sector outlook amid lofty valuations and the rising probability of a cut in the GDP growth amid the rising spread of the Omicron variant.

ET Intelligence Group: Foreign portfolio investors (FPIs) are unwinding their positions in Indian financials stocks at a record pace amid concerns over the possible impact of the new coronavirus variant on the country’s economic growth. They have sold financial stocks worth $3.3 billion (Rs 24,600 crore) between October 15 and December 15 accounting for about 82% of the total outflows during the period, the data from NSDL show. The quantum of

BY

ET Bureau

2 mins read, Last Updated:

Dec 22, 2021, 06:10 AM IST

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