--- title: "自 2022 年以來，外國投資者減少了在 HDFC 銀行和 Reliance 的持股，同時增加了對 Paytm 和 Eternal 的投資" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/286744257.md" description: "外國投資組合投資者（FPIs）自 2022 年以來已多元化其在印度股票的投資，將持股超過 1% 的股票數量從 900 只增加到近 1,300 只。然而，整體 FPI 持股比例從 20% 下降至 15%，主要是由於在 HDFC 銀行和信實等大型股票上的大量拋售。儘管如此，FPI 在高增長行業的持股比例有所增加，尤其是在 Eternal 和 Paytm 等公司的投資。到 2026 年 4 月，FPI 成為淨賣方，從印度股票中撤回了₹60,900 億" datetime: "2026-05-18T01:12:53.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286744257.md) - [en](https://longbridge.com/en/news/286744257.md) - [zh-HK](https://longbridge.com/zh-HK/news/286744257.md) --- # 自 2022 年以來，外國投資者減少了在 HDFC 銀行和 Reliance 的持股，同時增加了對 Paytm 和 Eternal 的投資 Foreign portfolio investors (FPIs) have significantly broadened their exposure to Indian equities since 2022, increasing the number of stocks in which they hold over 1 per cent stake, even as their overall ownership in the market declined due to aggressive selling in large-cap names, according to a report by ICICI Securities. The aggregate FPI holding in Indian equities, as per the brokerage, has fallen to around 15 per cent currently, from nearly 20 per cent a decade ago, with most of the decline occurring after the Russia-Ukraine conflict in 2022. However, the nature of FPI investments has changed significantly during this period. The number of stocks where FPIs own more than 1 per cent stake has increased from around 900 in March 2022 to nearly 1,300 currently, signalling a “broader participation across sectors and market capitalisations”. “The aforementioned trends indicate that FPI investments in India are becoming broad-based driven by growth opportunities. But, the copious selling in the erstwhile concentrated positions is skewing the overall picture,” the brokerage said. ## Taking stock: What are FPIs selling? The sharpest reduction in FPI holdings has been visible in heavyweight large-cap stocks that earlier dominated foreign portfolios. Among the biggest cuts, the combined contribution of HDFC and HDFC Bank to FPI portfolios fell from 11.6 per cent in March 2022 to 6.9 per cent in March 2026, a decline of 4.7 percentage points. Besides, FPIs also sharply reduced exposure to Reliance Industries, where portfolio holding declined from 9.1 per cent to 5.3 per cent. Holdings in Infosys dropped from 5.8 per cent to 2.1 per cent, while exposure to TCS fell from 4.2 per cent to 1.3 per cent over the same period. Other major reductions were seen in Kotak Mahindra Bank, where holdings contribution dropped from 3.1 per cent to 1.5 per cent, and Asian Paints, where it declined from 1.2 per cent to 0.4 per cent. Overall, the top holdings that accounted for 40.9 per cent of FPI portfolios in March 2022 now contribute only 21.3 per cent. At the sector level, financials, IT, energy, FMCG and consumer discretionary companies contributed the most to FPI selling since 2022. Financials alone saw net outflows of ₹1.8 trillion, followed by IT & hardware at ₹1.6 trillion and energy at ₹1 trillion. ## Eternal, Paytm, Polycab among FPIs top buys At the same time, FPIs have increased investments in several high-growth sectors and emerging businesses across market caps. In the large-cap space, FPIs raised holdings in Eternal from 10.4 per cent in March 2022 to 30.8 per cent in March 2026, while stake in HDFC AMC rose from 10.4 per cent to 24.5 per cent. Holdings in Polycab India climbed from 5.8 per cent to 18.2 per cent. Among mid-caps, FPIs increased exposure to Max Healthcare from 14.6 per cent to 45.4 per cent, while holdings in One 97 Communications (Paytm) surged from 4.4 per cent to 24.3 per cent during the period. The trend was also visible in small- and micro-cap stocks. FPIs increased stake in TD Power Systems from 2.1 per cent to 26.7 per cent, while exposure to Home First Finance rose from 10.9 per cent to 45.7 per cent. “Foreign investors are increasingly positioning themselves in sectors linked to domestic growth, manufacturing, healthcare, industrials and financial services rather than maintaining concentrated bets on traditional index heavyweights,” ICICI Securities said. ## FPI selling in 2026 That said, FPIs remained net sellers in April 2026, pulling out ₹60,900 crore from Indian equities. Financials saw the highest selling at ₹30,900 crore, followed by consumer discretionary, healthcare, energy and auto sectors. So far in CY26, FPIs have withdrawn nearly $21.7 billion from Indian markets, extending the selling trend seen in CY25, when they pulled out $18.8 billion from equities. ### 相關股票 - [HDB.US](https://longbridge.com/zh-HK/quote/HDB.US.md) - [INFY.US](https://longbridge.com/zh-HK/quote/INFY.US.md) ## 相關資訊與研究 - [鉅亨速報 - Factset 最新調查：HDFC Bank Ltd. - ADR(HDB-US) EPS 預估下修至 1.76 元，預估目標價為 33.83 元](https://longbridge.com/zh-HK/news/283407598.md) - [美國「過度特權」的終結？紐約 Fed：69 兆美元外國投資正反噬美國經濟](https://longbridge.com/zh-HK/news/286866452.md) - [川普投資組合神操作？Medicare 政策翻盤前 精準大買聯合健康](https://longbridge.com/zh-HK/news/287039034.md) - [啓碁永續治理再下一城 二度入列道瓊最具競爭力新興市場指數](https://longbridge.com/zh-HK/news/287041537.md) - [飛彈打出的商機： 印度數據中心的世紀豪賭](https://longbridge.com/zh-HK/news/286570974.md)