Realty, insurance corner bulk of FPI flows at $500 mn each in March

Banks, IT see outflows amid valuation concerns

Companies in the real estate and insurance sector cornered the bulk of the foreign portfolio investor (FPI) flows—half a billion dollars each—in March. The oil & gas sector too reported strong inflows of close to $460 million.

Analysts believe the spike in flows in the real estate sector is a case of foreign funds taking a bullish view on select stocks and not the entire sector.

“This is the first time FPIs deployed a sizable amount in the real estate sector,” said Abhilash Pagaria, an analyst with Edelweiss Alternative Research. “Although in March, NSE Realty index fell 4.5 per cent,