Financials, IT, FMCG see highest FPI sell-off in first fortnight of October

Overseas funds dumped Rs 4,081 crore worth of shares of companies in the financial services sector, while IT shares worth Rs 1,665 crore were sold, according to data collated by primeinfobase.com

Financials, information technology (IT) and fast-moving consumer goods (FMCG) stocks accounted for most of the sell-off by foreign portfolio investors (FPIs) during the first fortnight of October.
 

Overseas funds dumped Rs 4,081 crore shares of financial services sector firms, while IT shares of Rs 1,665 crore were 

sold, according to primeinfobase.com. FPIs sold FMCG stocks worth Rs 1,188 crore. However, FPIs have the highest sectoral allocation to financial stocks at 32.12 per cent.

Analysts said that the rise in inflation and yields is negative for finance companies as they have to keep higher provisions for their mark-to-market bonds, which could eat