India's financials see most foreign outflows in six months in first half of August
** India's financial services companies witnessed outflows worth 147.90 billion rupees ($1.8 billion) in the first half of August, data from National Securities Depository Ltd (NSDL) showed
** This is the most since second half of January, and accounts for about 79% of total outflows.
** Financials .NIFTYFIN fell 3.5% in the first half of August, while Nifty .NSEI dropped 3.24%
** Indian markets recorded high outflows in the first half of August due to fears of a potential U.S. recession after weak jobs data earlier this month
** However, analysts say FPI flows could reverse direction in the near term as positive inflation, retail sales and labour market readings in the U.S. recently have soothed growth concerns
** "FII ownership in Indian markets is at a decadal low, but a U.S. rate cut in September could bring more inflows to India," says Anil Rego, founder and fund manager at Right Horizons
** IT and consumer stocks garnered the inflows, helped by improving U.S. data and a normal monsoon, respectively
($1 = 83.8950 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru
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