Financials see highest FPI flows despite turmoil in US banking sector

Strong flows into domestic banks even as their developed world counterparts reeled under pressure was underpinned by improved outlook

Foreign portfolio investors (FPI) were high on financial stocks, mainly banks, in the second half of April, despite the turmoil in the banking sector in the US. Information technology (IT), on the other hand, saw the maximum pullback due to growth uncertainty.

Financial services sector saw buying worth Rs 3,280 crore by FPIs, while IT stocks saw selling to the tune of Rs 5,910 crore during the last 15 days of April, according to data collated by Primeinfobase. Historically, these two sectors account for the bulk of the overseas investments into the country.

Strong flows into domestic banks was underpinned