After a robust June, it looks like Foreign Portfolio Investors are again on a selling mode in July. FPIs pulled out Rs.2867 crore from the Indian markets in first two weeks of July 2020. This is a tad disappointing since FPIs had infused Rs.24,053 crore in the month of June into Indian markets, although the June flows were largely triggered by bulk share placements.

In the first 2 weeks of Jul-20, FPIs pulled out Rs.2210 crore from equities and Rs.657 crore from debt. Interestingly, June 2020 was the first month in this year when FPIs were net buyers in equity and debt combined, after being net sellers between January and May. In terms of valuations, New Zealand, Malaysia and India remain most expensive markets.