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FPIs Keen On Primary Issuances, MFs Prefer Mid-Caps

Author: Finapolis Network/Thursday, October 1, 2020/Categories: Markets

FPIs Keen On Primary Issuances, MFs Prefer Mid-Caps

Mumbai: Inflow of foreign portfolio investments (FPI) surged in August with around $6 billion, or around Rs 47,000 crore, of net investments by overseas investors with a majority meant for primary issuances of shares. Around 63 per cent of net FPI flows last month were into primary issuances, according to a report by ICICI Securities.

Interestingly, last month, India outperformed other emerging markets in terms of inflows. The report also said that domestic institutional investments (DII) too had positive flows towards primary issuances, although the secondary flows continued to be negative with an outflow of $1.5 billion. “FPIs deployed a relatively high $6 billion in August 20 into Indian stocks but the higher proportion of the flows went into absorbing primary issues,” the report said.

As per the report, FPIs were buyers across sectors, except for selling in consumer staples and telecom. The top bought sectors were banks (Rs 9,200 crore), consumer discretionary (Rs 2,100 crore), and auto (Rs 1,300 crore) and pharma (Rs 1,300 crore). Jyoti Roy, DVP-Equity Strategist, Angel Broking Ltd, said that Indian equities closed in the green for the third month in a row in August with the benchmark Nifty up by 2.8 per cent. The rally in August was driven by FII flows which stood at Rs 47,080 crore which is the highest during the calendar year, Roy added.

According to Roy, positive global cues, US Fed-induced liquidity, weak dollar index, better than expected Q1 FY2021 numbers, along with continued improvement in underlying economic conditions both globally and India, led to such large inflows in the month of August. Amit Jain, Co-founder and CEO of Ashika Wealth Advisors, said: "The inflow had come on hope that by December, we may have vaccine for the coronavirus & market is already started discounting earning of the financial year 2021-22 in hope of early economic revival." Further, mutual fund flows into mid-cap stocks improved further in August 2020 while outflows were largely seen from large-caps and marginal selling in small-caps.

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sudha adika

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The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

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