FPIs invest Rs 1,530 crore in equities in October so far

Foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 1,997 crore so far in October as India continues to be a competitive investment destination from a long-term perspective.

As per depositories data, Rs 1,530 crore was invested by FPIs in equities and Rs 467 crore into the debt segment between October 1-8.

The total net investment stood at Rs 1,997 crore.

FPIs have been net buyers for two consecutive months and have invested Rs 26,517 crore in September and Rs 16,459 crore in August.

"A stand out feature of FPI flows in recent weeks is the outflows from banking and inflows into IT," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Even though IT is highly valued, this segment is attracting increasing flows since earnings visibility is high in the segment while banking is struggling with poor credit growth and rising asset quality concerns, he added.