According to the depositary data from the stock exchanges, foreign portfolio investors (FPI) continued to pull out investments from the Indian equities during the first week of May.

During the trading sessions of May 3-7, overseas investors pulled out net investments worth Rs 5,936 crore from equities. The subdued investor sentiments come on the back of the deepened Covid crisis in the country.

The lockdowns and restrictions across states also have weakened the prospects of economic recovery, analysts said.

The selling in May continues after FPIs withdrew net investments of Rs 9,659 crore in April. The bearish trend last month came after incessant buying in the preceding six months. The overall net investments by FPIs so far in 2021 stands at Rs 40,147 crore.

On Weekly Review in Indian equity, benchmarks logged gains in the week as robust corporate results and positive global cues propped up risk appetite despite the COVID-19 overhang. The Reserve Bank of India (RBI) announced measures to tackle the rising second wave of COVID-19 pandemic.

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