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Foreign investors have pumped in about Rs 6,800 crore ($1.3 billion) in the domestic stock market so far this month on hopes a reform-oriented government will be formed after the general elections.
Total investment by foreign institutional investors (FIIs) in equities since January 2014 has gone up to about Rs 28,979 crore ($4.78 billion).
“FIIs are bullish on India...They are expecting a stable government emerging post-elections, which will take various reformist measures,” Puneet Chaddha, Chief Executive Officer of HSBC Asset Management (India) Private Ltd, said.
“Besides, FIIs are also betting on India because of the country’s macro-economic fundamentals.”
FIIs were gross buyers of shares worth Rs 49,775 crore and sellers of stocks to the tune of Rs 42,992 crore in the week ended April 17, resulting in a net inflow of Rs 6,783 crore ($1.3 billion), according to the Securities and Exchange Board of India.
Debt market
Foreign investors, however, pulled out Rs 4,282 crore from the debt market during the period.
FIIs, the main driver of the equity market, have helped pushed up the benchmark BSE Sensex by 243 points or 1.08 per cent so far this month.
They have invested Rs 20,077 crore in Indian stocks in March compared with Rs 1,404 crore in February and Rs 714 crore in January.
As of April 17, there were 1,715 registered FIIs in the country and 6,391 sub-accounts.
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