Foreign institutional investors (FIIs) have spent nearly Rs 44,000 crore on Indian stocks since March, with more than a third of that amount used to purchase banks and other financial stocks, according to NSDL data. FIIs are overweighting financial services 6.73% compared with the MSCI India Index. In comparison, the index has an overweight stance averaging 7.83% over the past six months. The FIIs’ overweight positioning in the sector has decreased by 100 bps over the last fortnight, primarily due to the weightage of banks in MSCI Index increasing from 13.18% to 14.14%.
