Banking, oil & gas get lion’s share of FPI flows

Foreign investors have been selective about their stock picks in the first two weeks of November. Almost 70 per cent of the foreign portfolio investor (FPI) flows into Indian equities during the period have been directed into two sectors — banking and oil and gas. Out of the Rs 14,326 crore that came into Indian stocks between November 1 and November 15, about Rs 6,630 crore or 46 per cent was allocated to bank stocks. Oil and gas stocks attracted Rs 3,330 crore, which is about 23 per cent of the total inflows.

Analysts said foreigners stuck to the big bank stocks as these lenders are expected to perform better in a weakening economy. ICICI BankNSE -0.64 %, HDFC BankNSE -0.59 %, SBINSE -0.80 % and Kotak Mahindra Bank