BENGALURU, April 10 Reuters Foreign portfolio investors FPIs snapped their twomonthlong selling streak to turn buyers of Indian equities in March, despite offloading shares in the second half of the month, according to National Securities Depository Ltd NSDL data.

FPIs offloaded shares worth 46.4 billion rupees on a net basis between March 1531, but were buyers worth 79.35 billion rupees for the month, largely due to U.S. boutique investment firm GQG Partners39; 1.87 billion investment in four Adani Group companies in early March.

For the financial year ended March, FPIs sold equities worth 376.32 billion rupees, marking two straight years of net sales for the first time ever. The sales come after record purchases of 2740.32 billion rupees in FY2021.

The benchmark Nifty 50 index rose 0.32 in March, but recorded a dip of 0.6 from April 2022 to March 2023.

PURCHASES AND SALES

FPIs offloaded nearly 70 billion rupees each in information technology IT and oil and gas stocks, and bought services stocks worth over 70 billion rupees in March.

For FY 2023, the most FPI selling was recorded in IT stocks like Tata Consultancy Services Ltd, Infosys Ltd and Wipro Ltd  amid concerns in the U.S. banking system.

Indian IT firms earn more than 25 of their revenue, per exchange filings, from the U.S. and European banking, financial, services and insurance BFSI sector. Analysts have warned that the current turmoil in the global banking system will weigh on the IT stocks.

The Nifty…