FPI selling continues on valuation, rate-hike unease, Omicron scare

A combination of concerns over high valuations, interest-rate hikes, and the emergence of a new Covid variant has led to foreign portfolio investors (FPIs) remaining net sellers of Indian equities.

Since October, FPIs have sold shares worth Rs 32,965 crore in the domestic market. According to the provisional data from exchanges, FPIs sold shares worth Rs 2,070 crore on Friday.

Analysts said FPIs started taking some money off the table ever since indices hit new all-time highs and valuation discomfort emerged.

The benchmark S&P BSE Sensex hit its all-time high on October 19. This, coupled with concerns that the interest