Overseas investors have been cutting exposure to India’s financial sector in the past year. Foreigners’ stake in the BFSI sector, including banks, NBFCs and insurance, among NSE 500 stocks has declined to 34.2% in the March quarter from 39.6% during the same period a year ago, according to data compiled by .
The BSE Bankex gained 9.5% in the past one year compared to a 15.8% rally in the Sensex. The underperformance of banks has been on account of a lack of growth and rich valuations, especially retail lenders.
These investors also cut their holdings in automobile and consumer stocks. Meanwhile, foreigners raised their stakes in information technology and oil and gas sectors the most in the period.
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