Between October 2021 and September 2022, FPIs were net buyers of IT stocks, only in August 2022 when they bought £3.97 billion worth of shares, shows data compiled by primeinfobase.com. Between October 1st and October 15th, FPIs sold ₹1,665 crore worth of IT shares. Investors sold IT stocks on concerns about their prospects in the wake of fears of a recession in the US and Europe.
Market participants said that the recent underperformance in shares may have prompted some investors to consider buying some troubled IT stocks. Additionally, leading IT companies reported better-than-expected results in the September quarter of 2022, despite the challenging macroeconomic environment and ongoing supply headwinds.
raised its FY23 growth forecast to 15-16% from 14-15%. also raised its FY23 growth forecast to 13.5% to 14.5% for the year. It previously forecast revenue growth of 12% to 14%.
“Indian IT service providers are in a good place and will be for a long time to come,” said Rahul Bhasin, managing partner of Baring Private Equity Partners. “The competitive advantage in many industries is software. Key competitive advantages come from frictionless exchanges powered by AI tools and IoT devices that collect big data and then perform preventative maintenance.” The Nifty IT Index rose 2.7% in the second half of October. FPIs’ exposure to IT stocks as a percentage of their total holdings rose to 10.6% in October from 10.32% in September.
Among other sectors, FPIs bought ₹1,477 crore of auto stocks between October 15 and 31, after selling ₹690 crore of shares in the first half of the month. FPIs staked about ₹8,431 crore in Indian stocks over the past month. Construction, telecoms, healthcare, energy, capital goods and FMCG are the other sectors where FPI has bought shares.
FPIs sold ₹4,686 crore of shares in financial services companies in October, after selling ₹1,673 crore of shares in September.
https://economictimes.indiatimes.com/markets/stocks/news/fpis-buy-battered-tech-stocks-after-remaining-sellers-for-a-year/articleshow/95313182.cms FPI | Tech stocks: FPIs buy ‘battered’ tech stocks after remaining sellers for a year