Overseas investors once again step up selling as stimulus disappoints

Foreign portfolio investors (FPIs) are once again stepping on the gas when it comes to pulling out of Indian markets. In the past fortnight, they have yanked out $1.7 billion amid disappointment over the Rs 20-trillion stimulus package and rising Covid-19 cases, despite multiple lockdown extensions. The two-week rolling average for daily flows is currently at (negative) — $205 million — worst since March-end, when foreign institutional investment selling was at its peak due to major global risk aversion. Since mid-April, FPI investment rally had improved, following aggr.....

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