Financial services and consumer durables companies accounted for most foreign portfolio investor (FPI) selling in the last two weeks of February. FPIs sold financial stocks worth Rs 2,263 crore and consumer durables stocks worth Rs 1,111 crore, according to data collated by Prime Infobase.

Information technology (sales worth Rs 708 crore), metals and mining (Rs 694 crore) and power (Rs 497 crore) were the other sectors where overseas funds sold shares.

On the other hand, FPIs bought shares in service companies worth Rs 2,250 crore, shares in energy companies worth Rs 1,290 crore and shares in capital goods worth Rs 1,155 crore. Companies in the building materials and construction sector made cumulative purchases worth close to Rs 700 crore.

FPI selling remained generally subdued at Rs 486 crore in the last two weeks of February.

Experts said that outflows from the financial and information technology (IT) sectors, two of India’s largest by market capitalisation, suggest the FPI remains in ‘sell’ mode.

“Overall, overseas investors are still withdrawing money.

The IT and finance sectors allow them to take some profit or not much loss on exit,” said G Chokkalingam, founder of research firm Equinomics.

Buying oil and gas stocks was attributed to the positive demand outlook after China reopens. Expansion in India’s services sector kept FPI bullish. The S&P Global India Services PMI rose to 59.4 in February from 57.2 in January, the highest since February 2011.

Despite the sell-off, the most heavily allocated sector at the end of February was financial services, increasing from 33.77% to 33.81%.

IT, with 11.57% and oil and gas, with 10.2%, are other industries with higher FPI allocation.