FPIs add construction, power, health stocks in October

Mumbai: Overseas fund managers nibbled carefully at shares of construction material, power, capital goods, and healthcare companies in the first fortnight of October. They pruned their holdings in financials, IT, and FMCG stocks.
According to NSDL data, foreign portfolio investors (FPIs) bought shares worth ₹565 crore in construction material stocks, ₹323 crore in power stocks, and ₹309 crore in capital goods stocks. These investors, who sold ₹9,199 crore worth of shares in IT stocks in September 2022, further offloaded shares in the sector worth ₹1,665 crore in the first fortnight of October.
Many analysts have trimmed their FY23 and FY24 earnings estimates for IT stocks in the past few months on concerns over a downturn in the US and Europe.

The Nifty IT index rallied by over 5% in the past month after better-than-expected results from the IT majors such as and .

The Nifty Bank index plunged 3% during this period. FPIs' highest selling between October 1 and October 15 was in banking and financial stocks worth ₹4,081 crore.