Markets find their feet as FPIs step off pedal after brutal selloff

Foreign portfolio investors (FPIs) have taken their feet off the pedal, helping markets find their sea legs after a brutal sell-off that saw key indices drop to 13-month lows last month.

In the past fortnight, the average daily selling by overseas funds has moderated to less than Rs 1,400 crore, compared with nearly Rs 3,500 crore in the preceding fortnight. This has helped markets stage a comeback.

Since June 17 — when the Nifty had ended at its lowest levels since May 2021 — the market has surged nearly 5 per cent after dropping close to 8 per cent in