FPIs continue selling spree in first half of June; financials, oil & gas hit hardest

Foreign portfolio investors extended their selling streak in the first half of June, with financial services bearing the brunt at about 11,263 crore in outflows, followed by oil, gas and consumable fuels at about 10,488 crore. Automobiles and auto components saw outflows of about 9,044 crore, while IT companies lost about 6,733 crore, the latter pressured by renewed concerns over AI disrupting revenue models. Cumulative FPI outflows from financial services between January and April exceeded 91,000 crore, though experts noted the June selling was not large relative to total foreign holdings.