India financial stocks see record foreign selling in March
Foreign investors sold a record $6.53 billion in Indian financial stocks in March. The Nifty 50 hit a six-year low as domestic support shows signs of weakening.
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Foreign investors withdrew a record amount of capital from the financial sector in India during March, accelerating a broader market retreat as geopolitical tensions involving Iran and concerns over economic growth weighed on sentiment. Data from the National Securities Depository revealed that foreign portfolio investors (FPIs) offloaded 606.55 billion rupees ($6.53 billion) in financial stocks, representing more than half of the total $12.66 billion pulled from the country's markets during the month.
