More than Rs 65,000 crore of foreign money was withdrawn from the equity market in March, making it the highest-ever sell-off by foreign portfolio investors (FPIs) in a month.
Overseas investors rushed to dump equities, which are generally considered riskier, as COVID-19 pandemic gripped major economies around the world and the nationwide lockdown added to the fears of a global recession.
The insurance sector was on the top of their shopping list, raking in Rs 568 crore data provided by National Securities Depository Ltd (NSDL) shows.
Foreign investors have been net buyers in the insurance sectors in every month of the last financial year and have poured in Rs 833 crore since the beginning of 2021.
The insurance industry in Indian consists of 57 companies, of which, 24 are in the life insurance business and 33 are non-life insurers. HDFC Life Insurance, SBI Life and ICICI Prudential are some of the major listed companies in the sector.
Other sectors that FPIs bought into include consumer durables (Rs 74 crore), airport services (Rs 43 crore), commercial services & supplies (Rs 22 crore), diversified consumer services (Rs 2 crore) and telecommunications equipment (Rs 1 crore).
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