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Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

New Delhi: <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword> in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of <keyword id="20295104" type="General" weightage="20" keywordseo="Chinese-stocks" source="keywords">Chinese stocks</keyword>. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024. Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed. Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in <keyword id="20014814" type="General" weightage="20" keywordseo="Indian-equities" source="keywords">Indian equities</keyword>, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said. On the domestic front, key indicators like inflation trajectory, corporate earnings, and the impact of festive season demand will also be closely watched by FPIs as they assess opportunities in the Indian market, he added. According to the data, FPIs recorded a net outflow of Rs 94,017 crore in October. The intensity of net outflows could be gauged from the fact that except for one day, FPIs were net sellers throughout the month, bringing their total investment for 2024 down to Rs 6,593 crore. This relentless selling resulted in about an 8 per cent decline in benchmark indices from their peaks. Several factors contributed towards this massive withdrawal of foreign capital from the Indian equity markets in October. The major among them is the elevated valuations of Indian equities. This has triggered a shift in investments towards China, where valuations are currently more attractive. Additionally, a series of stimulus measures, aimed at bolstering Chinese economic growth has made Chinese equities increasingly appealing to global investors, Srivastava said. Despite the massive FPI selling in financials, this sector is resilient since the valuations are fair and every selling is being absorbed by DIIs and individual investors, particularly HNIs, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. In addition, FPIs pulled out Rs 4,406 crore from the debt general limit and invested Rs 100 crore from the debt Voluntary Retention Route (VRR) during the period under review. So far this year, FPIs invested Rs 1.06 lakh crore in the debt market.

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

India's apex bank, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>), went full guns blazing on its <keyword id="20402497" type="General" weightage="20" keywordseo="gold-purchases" source="keywords">gold purchases</keyword> this <keyword id="23288581" type="General" weightage="20" keywordseo="Dhanteras" source="keywords">Dhanteras</keyword> and bought back 102 metric tonnes of its gold from the Bank of England to its domestic vaults between April and September 2024. This was one of RBI's largest-ever moves since India's 1991 economic crisis when RBI had to airlift 47 tonnes of gold. This takes India's total domestically held <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">gold reserves</keyword> to 510.46 metric tonnes as of September 30, up from over 408 metric tonnes at the end of the previous fiscal year. This year, RBI has been buying gold every single month. RBI's overall gold reserves also burgeoned to 854.73 metric tonnes, including 324.01 metric tonnes held in safe custody with the Bank of England and the Bank for International Settlements, as well as 20.26 metric tonnes held in the form of gold deposits. India has been increasingly repatriating its gold reserves from overseas in recent years. In the 2023-24 fiscal year, the country had already moved 100 metric tonnes of gold from the UK to domestic locations. India is looking to significantly reduce its dependence on foreign custodians for safeguarding its assets. "The relocation of gold reserves to domestic vaults is a strategic move by the RBI to strengthen India's economic resilience and autonomy," said Dr. Amrita Sharma, a senior economist at a Mumbai-based think tank. "It signals a shift towards greater self-reliance in the management of the country's foreign exchange assets", she added. These increased domestic gold holdings have also boosted the precious metal's share in India's total foreign exchange reserves, rising from 8.15% at the end of March 2024 to around 9.32% as of September 2024. This comes amidst total global <keyword id="19978688" type="General" weightage="100" keywordseo="gold-demand" source="keywords">gold demand</keyword> also touching a massive $100 billion in the third quarter of 2024, per a recent report by the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. Per data, total gold demand increased by 5% YoY and reached 1,313 metric tons. This was more than double the investment demand seen by the yellow metal last year, when it stood at 364 metric tons. <h2> Demand going strong</h2>Just as demand for <keyword id="20050894" type="General" weightage="20" keywordseo="gold-ETFs" source="keywords">gold ETFs</keyword> surged, demand for gold bars and coins dipped by 9%. But despite that, their YTD (year-to-date) demand remains robust at 859 tonnes, much above the 10-year average of 774 tonnes. The rising gold prices dented global demand for gold jewelry, which fell by 12% on a YoY basis, in terms of volume. But a corresponding 13% rise in the value of the jewelry consumed also indicates that consumers are okay spending on premium products, which might be less in quantity. Tech demand also boosted gold demand by 7% YoY, largely on the back of a booming electronics sector. Louise Street, Senior Markets Analyst at the World Gold Council, commented, "Q3 saw increased investment and over-the-counter activity prop up global gold demand and drive price performance. While the higher gold price dampened demand in the majority of consumer markets, the import duty cut in India kept jewelry and bar and coin demand remarkably high in a record-breaking price environment.". India's gold imports, which directly affect our current account deficit (CAD), rose by 21.78% to touch $27 billion during April-September, largely on the back of strong domestic demand emerging thanks to the festive season. The imports stood at $22.25 billion in September 2023-24, making yellow metal around 5% of the country's total imports, thereby pushing India's CAD to $137.44 billion during the first half of the current fiscal. Notably, India is the second largest consumer of gold in the world.

RBI goes high on gold, adds 102 metric tonnes to its reserves between April-Sep, as total gold demand touches $100 billion

<ul><li>Maruti Suzuki continues to lead the <keyword id="21502158" type="General" weightage="20" keywordseo="Indian-car-market" source="keywords">Indian car market</keyword> with over 40% market share.</li><li>Hyundai and Tata Motors occupied the second and third spots, with a marginal increase in sales.</li><li>Companies like Mahindra and Mahindra, Toyota and Honda recorded good growth in April 2024.</li></ul> Hyundai continued to occupy the second position in India’s car market, with Tata Motors taking the third position for the second consecutive month after capturing the second position for a month in February 2024. The reason why we are only talking about the second position in <keyword id="46211" type="General" weightage="20" keywordseo="auto-sales" source="Orion">auto sales</keyword> and not the top spot is because Maruti Suzuki continues to dominate it by a big margin. The Indian automaker enjoys a market share of over 40%. <cmsannotation type="cmsannotation" annotationid="Maruti Suzuki sales disappoint the market" comment="subhead" text="Maruti Suzuki sales disappoint the market"><keyword id="696191" type="General" weightage="20" keywordseo="maruti-suzuki-sales" source="Orion">Maruti Suzuki sales</keyword> disappoint the market</cmsannotation> Maruti Suzuki continued to dominate the Indian auto sales, reporting sales of 1,68,089 units. This includes the company’s domestic sales as well as exports. <div type="Article" hostid="261" msid="109030516" title="India’s electric two-wheeler industry records highest-ever monthly sales as FAME subsidy ends" mstype="2" mssubtype="0"></div> The company sold 1,37,952 passenger vehicles in April 2024, compared to 1,37,320 vehicles sold in April 2023. The flat sales disappointed the street, as the company’s share price fell by up to 2% during the day. The company’s utility vehicles such as the Brezza, XL6 and Ertiga received a boost in April 2024 when compared to last year. At the same time, its compact vehicles such as Baleno, Swift and WagonR reported a decline compared to April 2023. <cmsannotation type="cmsannotation" annotationid="Hyundai retains the second spot" comment="subhead" text="Hyundai retains the second spot">Hyundai retains the second spot</cmsannotation> Hyundai continued to occupy the second spot in the Indian car market with sales of 50,201 vehicles in April 2024, up from 49,701 vehicles sold in April 2023. Nearly 70% of the company’s sales have come from SUVs, with cars like Exter, Creta and Venue leading the numbers. <cmsannotation type="cmsannotation" annotationid="Tata Motors inches closer" comment="subhead" text="Tata Motors inches closer">Tata Motors inches closer</cmsannotation> Tata Motors reported sales of 47,983 vehicles in April 2024, up from 47,107 vehicles sold in April 2023, recording a slight increase. The company reported a growth of 2% in sales and is inching closer to the second spot. <cmsannotation type="cmsannotation" annotationid="Mahindra, Toyota and Honda report good growth" comment="subhead" text="Mahindra, Toyota and Honda report good growth">Mahindra, Toyota and Honda report good growth</cmsannotation> Mahindra and Mahindra reported a growth in domestic dispatches from 34,694 vehicles in April 2023 to 41,008 vehicles in April 2024, recording a growth of around 18%. Toyota sold 20,494 vehicles in April 2024, up from 15,510 vehicles sold in April 2023, recording a 32% year-on-year growth. Honda also recorded excellent growth, selling 10,867 vehicles in April 2024, up from 7,676 vehicles sold in April 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms">EV sales expected to grow by over 65% in 2024, double its overall market share</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms">Upcoming cars and two-wheelers launching in India in May 2024</a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-xuv-3xo-compact-suv-launched-in-india-starting-at-7-49-lakh/slidelist/109715525.cms">Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh</a>

April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer

New Delhi, Foreign direct investment (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) inflows in India declined 13 per cent to USD 32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors, according to the latest government data. FDI inflows stood at USD 36.74 billion during the corresponding nine months of the preceding fiscal. Inflows during the October-December quarter of the current fiscal, however, rose by 18 per cent to USD 11.6 billion as against USD 9.83 billion during the same quarter of 2022-23. The total FDI -- which includes equity inflows, reinvested earnings and other capital -- declined by about 7 per cent to USD 51.5 billion during the period under review against USD 55.27 billion in April-December 2022, the data from the Department for Promotion of Industry and Internal Trade (DPIIT) showed. During the nine-month period of this fiscal, FDI equity inflows decreased from major countries, including Singapore, the US, the UK, Cyprus and the UAE. Investments fell significantly from the Cayman Islands and Cyprus to USD 215 million and USD 796 million, respectively, during April-December 2023 as against the two comparative figures of USD 624 million and USD 1.15 billion recorded in the year-ago period. However, inflows increased from <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, the Netherlands, Japan and Germany. Sectorally, inflows contracted in computer software and hardware, trading, services, telecommunication, automobile, pharma and chemicals. In contrast, construction (infrastructure) activities, development and power sectors registered growth in inflows. State-wise, Maharashtra received the highest inflow of USD 12.1 billion during the period. It was USD 10.76 billion in the same period a year ago. Overseas capital inflows in Karnataka plunged to USD 3.6 billion in April-December 2023 from USD 8.77 billion in the same period of previous fiscal year. Other states/Union Territories where FDI dipped during the period under review included Delhi, <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword>, West Bengal, <keyword id="19898913" type="General" weightage="20" keywordseo="rajasthan" source="keywords">Rajasthan</keyword> and <keyword id="19904807" type="General" weightage="20" keywordseo="haryana" source="keywords">Haryana</keyword>. The inflow, however, recorded a positive growth in Gujarat, Telangana, and Jharkhand. An official has earlier stated that hardening interest rates globally and worsening geopolitical situation impacted FDI inflows. FDI equity inflows into India declined 22 per cent to USD 46 billion in 2022-23.

FDI inflows decline 13% to $32 billion in April-December 2023

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FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

BI India Bureau

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

PTI

RBI goes high on gold, adds 102 metric tonnes to its reserves between April-Sep, as total gold demand touches $100 billion

BI India Bureau

April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer

Sourabh Jain

FDI inflows decline 13% to $32 billion in April-December 2023

PTI

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