FIIs Turned Net Buyers in the Last 15 Days. They Bought Financials Again.
Financial Services led the fortnight. Historically, the sector foreign money buys back first at a bottom.
In the second half of June, foreign investors bought a net ₹14,109 crore of Indian equity. It was their first net buy in 4 months.
Start with what actually happened in the fortnight, sector by sector.
Red is selling, green is buying.
What They Bought
Financial Services led. ₹14,634 crore into the sector in a single fortnight.
That one number is larger than the whole market's net buy. Everything else, on balance, roughly cancelled out.
Behind it sat a cluster of domestic names. Construction ₹3,484 crore, Consumer Services ₹3,081 crore, Services ₹2,592 crore.
Then Consumer Durables ₹2,564 crore, Realty ₹1,893 crore and Healthcare ₹1,435 crore.
Read the buy list together and it is domestic-facing. Banks, building, consumption, real estate, hospitals.
What They Sold
The selling did not stop everywhere.
Metals and Mining lost the most, ₹4,371 crore. Power ₹3,743 crore.
Oil and Gas ₹2,789 crore.
Capital Goods and automobiles were trimmed too.
So the sectors sold this fortnight were the capex, power and commodity names. The ones that led the earlier build-out rotation.
Even as money came back to India, it did not come back to those.
The First Buy in Four Months
Step back across the year and the fortnight stands out.
Every fortnight from mid March to mid June was an outflow.
March was the heaviest. The selling eased through April and May, then June reopened it hard in the first half.
The second half of June is the first green bar since February.
Where They Are Betting
The 30 June data also closes the April to June quarter. So look at the whole three months, not just the fortnight.
So far we have counted rupees in and out. That is net flow, the buying and the selling.
There is a second way to read the same data. Portfolio weight is each sector's share of everything foreign investors hold.
Flow is what they did in the fortnight. Weight is the mix it all leaves behind.
Across the quarter, that weight moved in a clear direction.
Capital Goods gained the most, up 0.91 percentage point. Services added 0.55.
Power, Realty and Construction rose too. The equipment, electricity and building of India's capex cycle.
Information Technology lost the most, down 1.34 points. Oil and Gas fell 1.11.
So even in a quarter of heavy selling, the tilt got heavier into the domestic build-out and lighter on the old economy.
Now the Curious Part
Put the fortnight and the quarter side by side.
Over the full quarter, Financial Services was the single biggest seller. ₹50,626 crore out from April to June.
Yet in the final fortnight it was the single biggest buyer.
That is a pattern we flagged in our first report. When foreign selling turns, Financial Services is usually the first sector their money comes back to.
It is the largest and most liquid part of the market, so it tends to move first.
We are not reading a bottom into one fortnight. That is not how we use this data.
But it is worth noticing. After 4 months of selling, the buyers came back, and they came back to the banks.
What This Data Is For
The usual reminder. We are not using this to time the market.
A single fortnight, even a green one, does not tell you where prices go next. Foreign money is one force among many.
What flow data is good for is slower and more useful. It shows the themes foreign investors keep backing across many months, and the places they keep stepping away from.
That is what we track.
Information Technology and Oil and Gas lost the most portfolio weight over the quarter. The exit is intact.
Capital Goods gained the most weight of any sector. Power, Realty and Construction rose too. This was the quarter's clearest tilt.
The biggest seller of the quarter turned the biggest buyer in the final fortnight. The sector foreign money tends to buy back first.
Consumer names and Services drew the first money back this fortnight. Whether that becomes a theme or stays a bounce is next quarter's question.
A fortnight that turned green after 4 months of selling, led by the banks, with the domestic build-out still the quarter's clearest bet.
We keep adding to the thread as the money moves.