FPI Selloff, July 23 -- There was a time when foreign portfolio investors (FPIs) sneezed - and Indian investors' portfolios caught a cold. But over the last few years, this trend hasn't held ground. The latest FPI selloff in July is one such example.

According to NSDL data, FPIs have become sellers in the Indian stock market this month, offloading stocks worth Rs.5,826 crore so far. This selling, which followed three months of heavy buying, has failed to dent the benchmarks Sensex and Nifty like it used to, as indices have lost just over 1% this month.

FPIs sold heavily in IT, FMCG, consumer durables, autos, and healthcare, while rotating into services, metals, oil & gas, capital goods, and financials. They also remained active in IPOs,...