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He said that through February 9,
“This takes the total equity selling in 2024, so far, to Rs 28,818 crores and debt buying to Rs 34,930 crores,” he said.
He said that the main trigger for this divergent trend in equity and debt is the high valuation in the Indian equity market and the rising bond yields in the U.S.
“In the last fortnight of January, FPIs were massive sellers in financials with a sell figure of Rs 31,261 crores. This explains the underperformance of Bank Nifty in general and some leading private sector banks in particular,” he said.
He said that for long-term investors, there is value in banking stocks now.
“FPIs were buyers in IT and telecom, which explains the resilience of the leading players in these segments,” he said.
Vijayakumar said that a reversal of the FPI selling in equity will happen when the US bond yields drift down and stay there for long.
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