FPIs in selling mode; take out Rs 7,400 cr from equities in July so far

There has been an exodus of foreign funds from the Indian equity market over the last nine months

Foreign investors continue to be cautious about the Indian equity market and have pulled out over Rs 7,400 crore this month so far amid sustained strengthening of the dollar and increasing concerns over a recession in the US.

This comes following a net withdrawal of Rs 50,203 crore from equities in June.

While foreign portfolio investors (FPIs) have slowed down their pace of selling, this does not indicate a change in trend as there has not been any significant improvement in the underlying drivers, said Himanshu Srivastava, Associate Director - Manager Research, Morningstar India.

There has been an exodus of foreign funds from