foreign portfolio investors: FPIs cut IT stakes as sector faces a recession hit in US and Europe
Synopsis
Since Indian IT exporters earn more than half of the revenue from banking, financial services, and insurance (BFSI), and manufacturing clients in the US and Europe, they are perceived to be a direct proxy to the economic growth in the developed markets.
ET Intelligence group: The foreign portfolio investors (FPIs) have pruned exposure to the Indian IT sector amid the risk of impending recession in the US and slowing growth in Europe. The weight of the IT sector in their equity portfolio has dropped below the pre-Covid level of 10.1 per cent in the first fortnight of September 2022, the data from NSDL show. Of the total FPI outflow of $18 billion in 2022 till September 15, $10 billion owed to
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