{
  "id": 2507651,
  "title": "FPI return to India may be tactical, not structural yet: HSBC MF’s Venugopal Manghat",
  "url": "https://urgent.news/2026/08/22/fpi-return-to-india-may-be-tactical-not-structural-yet-hsbc-mfs",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-22T04:52:22.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/stocks/news/fpi-return-to-india-may-be-tactical-not-structural-yet-hsbc-mfs-venugopal-manghat/articleshow/133417510.cms"
  },
  "original_language": "en",
  "account": null,
  "summary": "HSBC Mutual Fund's chief investment officer-equity, Venugopal Manghat, suggests that the recent influx of foreign portfolio investors (FPI) into Indian equities may be a tactical move rather than a structural shift. Manghat emphasizes that global liquidity, interest rates, currency stability, and India's valuation against other emerging markets will continue to influence FPI flows. While India's valuation premium has softened from its 2024 highs, he believes investors should await stronger earnings growth and a more stable rupee before considering the recent return of foreign inflows as a lasting trend. Manghat also notes that the earnings recovery in India is showing early signs of improvement, with Nifty profit growth accelerating and FY27–28 earnings expected to grow in the mid-teens. However, he cautions that valuations are not inexpensive across the board, and a bottom-up approach that focuses on individual businesses with strong earnings visibility and return potential is necessary.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}