Despite surcharge withdrawals, the FPI issued uninterrupted sales in equities

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Mumbai, Ta. August 30, 2019, Friday

Although the tax surcharge on Foreign Portfolio Investors (FPI) has been withdrawn, their sales in Indian equities have not stopped. In the current week, FPI has sold more than Rs 1 crore of equities.

Issues like the recession of the US-China trade war have been a concern for the stock market in the global and country economies, said one analyst. Despite the decision to withdraw the surcharge, FPI did not see any special enthusiasm for the purchase. This suggests that FPI equities investment decisions are dependent on a number of factors, he added.

Statistics show that FPI has been selling heavily in equities since the announcement of the current fiscal year budget. FPI has sold equities worth Rs 5 crore in the current Budget July 5th.

It is difficult to say that the mere withdrawal of surcharges will return FPI to the Indian market. Apart from the improvement in corporate earnings, the economy needs to be mobilized, only then investors' confidence in Indian equities will be established.

The economic growth rate of India for the current financial year is being reduced by various rating agencies, which is also causing indifference to foreign investors, the analyst added.

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