Indian stocks start fresh week with marginal gains; selloff by FPIs a concern

Indian stocks opened the new week's trade marginally higher but concerns over slowing global economic growth continue to remain on the investors' mind. At the time of writing this report, Sensex traded at 60,392.31 points or 131.13 points or 0.22 per cent, whereas Nifty traded at 17,975.90 points, up 19.30 points or 0.11 per cent. Pulling out of funds by foreign portfolio investors (FPIs) from India too is a concern. They have sold assets worth about Rs 15,068 crore in Indian stock markets in the first two weeks of 2023, the latest data from National Securities Depository showed. Notably, barring July, August, November, and December when they were net buyers, foreign portfolio investors (FPIs) had been selling equities in the Indian markets for over a year, which started in October 2021 for various reasons. In 2022, foreign portfolio investors overall sold Rs 121,439 crore worth of stocks in India on a cumulative basis, the historical data available on the NSDL website showed.