FPIs did sell in May & went away, but then came back within weeks
NEW DELHI: An old Wall Street adage, Sell in May and go away did play out on Dalal Street last month, but with a twist.
FPIs, who sold equities worth $397 million in May, actually bought $479 million worth of shares in the second half of the month, after selling shares worth $876 million in the first half.
FPIs were seen buying high beta stocks and investing in the reopening theme during the month, even as they dumped defensive plays, as a steep decline in daily in Covid cases rekindled hopes of…
