New Delhi: Foreign portfolio investors (FPI) pulled out a net amount of Rs 33,927 crore from Indian equities in the first half of April, as a result technology stocks bore the brunt recording the worst fortnightly outflows in over a year, The Hindu Business Line has reported.

NSDL data showed that the FPIs offloaded Rs 13,828 crore worth of technology stocks amid uncertainty around global tariffs while financial services and capital goods outflows were of Rs 4,501 crore and Rs 3,019 crore respectively.

In addition, the first half of April also saw the Nifty IT index fall 7.5%, compared to a 0.8% gain in the benchmark Nifty 50. 

The selloffs come amid global trade tensions and ‘reciprocal’ tariffs announced by the US but the 90-day pause announced by US president Donald Trump and exemptions for electronics like smartphones and computers have led to a resurgence of risk appetite. 

On the other hand, FMCG, power, and media sectors fared better with FPIs tilted towards domestic themes, buying shares of telecom companies worth Rs 2,137 crore, and Rs 587 crore worth shares of FMCG companies, the report said.

“At present, the domestic macroeconomic environment remains supportive, encouraging investors to increase their exposure to riskier assets for the long term,”  Vinod Nair, Head of Research at Geojit Financial Services was quoted as saying to the newspaper.

Analysts said however that a clear pattern in FPI strategy will only emerge when the dust in the market settles.

V.K. Vijayakumar, chief investment strategist at Geojit Investments, said that even in an unfavourable global scenario, India can grow by 6% in FY 26. This, along with better earnings growth expected in FY 26, can attract FPI investments into India once the dust in the market settles down.

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