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FPIs dump Rs 31,831 crore in financials as total outflows hit Rs 52,703 crore in a fortnight

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FPIs dump Rs 31,831 crore in financials as total outflows hit Rs 52,703 crore in a fortnight
Foreign portfolio investors (FPIs) continued their selling spree in Indian equities, pulling out Rs 52,703 crore in the fortnight ended March 15, underscoring a sharp risk-off sentiment amid global uncertainties and rising macro headwinds. The worst sufferer was the financial sector, which saw Rs 31,831 crore worth of FII exodus in this period.

The selling has been broad-based across sectors, with rate-sensitive and heavyweight segments witnessing the sharpest outflows, while only a handful of sectors managed to attract selective buying.

The rate-sensitive automotive sector, whose prospects are closely tied to energy and metal prices, is the next in line with outflows of Rs 4,807 crore in the period between March 1 and March 15.

Telecommunications, construction and oil & gas witnessed outflows of Rs 3,856 crore, Rs 2,975 crore and Rs 2,932 crore, respectively.

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Defensive and consumption-oriented pockets were not spared either, with healthcare recording a sell-off worth Rs 2,436 crore, followed by Rs 2,403 crore and Rs 2,133 crore in FMCG and realty, respectively.


Additionally, sectors such as consumer durables, construction materials, services and IT also saw notable outflows, indicating a broad-based withdrawal of foreign capital. Even smaller segments like media, utilities and textiles witnessed marginal selling.

Read more: Nifty Bank logs 3rd-worst March fall since the global financial crisis. HDFC Bank, SBI among top culprits

Sectoral inflows

The scale of outflows from financials highlights their heavy FPI ownership and sensitivity to global risk aversion, making them the primary target during periods of uncertainty.

Amid the widespread sell-off, select sectors managed to attract FPI inflows, led by capital goods, which cornered investments to the tune of Rs 3,897 crore. The metals & mining vertical received Rs 876 crore of flows. The next in line were power, consumer services and chemicals, which received Rs 602 crore, Rs 531 crore and Rs 225 crore, respectively.

The buying in capital goods and metals suggests continued interest in domestic capex and infrastructure themes, even as broader market sentiment remains weak.

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After a February pause, FII continued their selling trend in March, with month-to-date equity outflows at Rs 88,180 crore. They have already offloaded domestic shares worth Rs 1,01,527 crore in 2026. In February, inflows of Rs 22,615 crore were reported, along with a sell-off of Rs 35,962 crore in January.

Markets in March

Seasonally a strong month, March this time was hit by the Iran-Israel war that started on February 28. The impact is evident, with the Nifty down by over 8% or 2,064 points in the last three weeks.

As energy prices spike, global markets now fear inflation returning. Brent, which is up by over 40% this year, is hovering near the $109 a barrel mark and may surge to $150-200 a barrel if the war continues and the Strait of Hormuz remains shut.

The March sell-off has been broad-based, dragging down most sectoral indices. But financials have turned out to be the biggest underperformer. The Nifty PSU Bank index has been the worst hit, tumbling 14.36%, followed by the Nifty Auto index and Nifty Bank, which have declined 12% each.

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The Nifty Bank index is headed for its third-worst March performance in two decades, underscoring the intensity of the ongoing market correction, with banking stocks emerging as one of the biggest casualties. As of March 19, the index was down around 12% for the month, placing it among the steepest declines for the banking gauge, surpassed only by the pandemic-driven crash of 2020 (-34%) and the global financial crisis period in 2008 (-23%).

Defensive and consumption-oriented segments have also come under pressure, with the Nifty FMCG, Nifty Metals and Nifty Consumer indices declining around 8% each. Meanwhile, the Nifty IT and Nifty Media indices have slipped 7%, while relatively resilient pockets such as the Nifty Healthcare, Nifty Pharma and Nifty India Defence have contained losses to 4-5%, indicating some stability amid the broader risk-off mood.

FII/FPI outlook

“The weakness in global equity markets following the war in West Asia, the steady depreciation of the rupee and concerns surrounding the impact of high crude prices on India’s growth and corporate earnings contributed to the concern of FPIs,” Dr V K Vijayakumar, Chief Investment Strategist, Geojit Investments, said.

The poor market returns from India vis-à-vis other markets (both developed and emerging) during the last eighteen months is the principal reason for FPIs’ indifference towards India, he said, adding that if their sustained selling strategy is to change, there should be clear indications of earnings recovery in India.

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The Geojit analyst said FPIs now regard South Korea, Taiwan and China as better markets to invest in since they are relatively cheaper than India even after the recent correction. “Also, the corporate earnings prospects in these markets appear better than that of India. Therefore, further selling by FPIs in India is likely in the short term. In the present uncertain context, this will take time,” the analyst said.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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Denver International Airport TSA Lines Move Smoothly Friday as Spring Travel Winds Down

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Frontier Airlines planes stand at gates on the A Concourse at Denver International Airport in Denver.

DENVER — Travelers at Denver International Airport faced manageable security wait times Friday as the busy spring travel period tapered off, with standard TSA lines averaging 10 to 17 minutes across the facility’s East and West checkpoints amid moderate passenger volume on April 10, 2026.

Frontier Airlines planes stand at gates on the A Concourse at Denver International Airport in Denver.
Denver International Airport

According to real-time data from the airport’s official website, East Security showed standard lane estimates of 13-17 minutes and TSA PreCheck lanes at 4-8 minutes. West Security reported lighter conditions with standard waits of 10-14 minutes and PreCheck as quick as 1-5 minutes. Both checkpoints remained open from 3 a.m. to 1 a.m., with PreCheck available through late evening hours.

The relatively short lines offered relief after a spring break season that saw more than 1.3 million passengers screened at DEN between mid-March and late March, with some peak mornings pushing waits higher. Airport officials continue to recommend arriving at least two hours before domestic flights to account for check-in, baggage and potential fluctuations in security processing.

Denver International, one of the nation’s busiest hubs and a major gateway for United Airlines and Southwest Airlines, handled steady Friday traffic typical of a post-holiday weekend. While early April brought scattered flight delays due to weather and national airspace issues, security operations appeared efficient thanks to recent checkpoint upgrades that nearly doubled screening capacity in some lanes.

Real-Time Conditions and Peak Patterns

As of mid-morning Friday, conditions stayed well below the 30-minute mark that can occur during heavy rushes. Historical patterns at DEN show peak congestion often hits between 3-4:30 a.m., 8-10 a.m. and 3-5 p.m., when departure banks overlap with business and leisure travelers. On April 10, afternoon and evening projections suggested waits could remain in the low teens for standard screening.

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The airport’s two main security checkpoints in the Jeppesen Terminal — East on the east side of the Great Hall and West on the opposite side — serve all passengers. CLEAR biometric expedited lanes are available at both, further shortening times for enrolled members. TSA PreCheck, now used by millions nationwide, continued to deliver the fastest throughput.

Travelers without trusted traveler programs can still speed things up through the free DEN Reserve system, which allows booking a dedicated security time slot up to 14 days in advance for flights departing between 6 a.m. and 9 p.m. Slots are limited and tend to fill quickly during busier periods.

Airport spokespeople emphasized that wait times can shift rapidly based on passenger volume, staffing and random secondary screenings. Officials urged checking flydenver.com/security or the MyTSA app before heading to the airport for the latest estimates.

Spring Break Aftermath and Operational Improvements

The just-concluded spring break window tested DEN’s infrastructure, with TSA forecasting heavy volume through late March. While some mornings saw lines stretching longer — including isolated reports of over an hour during the height of the rush — overall waits at Denver remained shorter than at many peer airports facing similar pressures.

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Recent multimillion-dollar upgrades to the security checkpoints have helped. Newer lanes can process nearly twice as many passengers per hour, contributing to smoother flow even when volumes spike. These enhancements came online in recent years as part of broader terminal modernization efforts at the sprawling facility, known for its tent-like roof and underground train system connecting concourses.

Friday’s lighter conditions aligned with national TSA checkpoint data showing typical mid-spring passenger numbers after the March surge. Broader U.S. air travel has seen occasional disruptions from weather, but Denver’s security lines have largely avoided the multi-hour nightmares reported elsewhere during peak periods.

Tips for Smoother Travel Through DEN

Airport officials offered standard advice for minimizing stress:

  • Arrive early: Two hours for domestic flights, three for international.
  • Pack smart: Follow the 3-1-1 liquids rule and remove laptops, liquids and large electronics early.
  • Enroll in expedited programs: TSA PreCheck, CLEAR and Global Entry can cut wait times dramatically.
  • Use DEN Reserve: Book a free timed slot online to guarantee a dedicated lane.
  • Monitor in real time: Bookmark the airport’s security page or use flight apps that integrate wait time data.

Passengers with mobility needs or traveling with young children can request assistance through airline staff or airport customer service. Families should factor in extra time for strollers, car seats and the playful public art installations that can distract little ones while waiting.

DEN’s single terminal design funnels all passengers through the central Great Hall before security, with easy access to dining, shopping and the signature blue mustang statue outside. Once through screening, the underground train whisks travelers to Concourses A, B and C, home to dozens of gates and amenities.

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Broader Context for Spring 2026 Travel

Denver International continues to rank among the top 20 busiest U.S. airports by passenger volume. Its central location makes it a critical hub for connecting flights across the Mountain West and beyond. While security remains the most visible choke point for many travelers, other factors like baggage handling, gate availability and air traffic control also influence the overall experience.

Early April brought some operational hiccups, with hundreds of delays logged across the first week due to weather systems moving through Colorado and national airspace constraints. Travelers on Friday were advised to check flight status directly with their airline in addition to monitoring security lines.

Looking ahead, summer travel season will likely bring renewed pressure as families plan vacations and business travel rebounds. Airport leaders have signaled ongoing investment in technology and staffing coordination to keep wait times predictable.

For now, Friday’s moderate lines offered a welcome breather. Passengers moving through East and West Security reported efficient processing, with many clearing checkpoints in well under 20 minutes even without expedited options.

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Whether catching a quick domestic hop or embarking on a longer journey, DEN travelers on April 10 benefited from lighter post-spring break traffic and proven operational improvements. As always in air travel, checking real-time data remains the best defense against surprises at one of America’s most distinctive airports.

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TSMC Shares Surge Past 2,000 TWD as AI Demand Fuels Record Q1 Revenue Surge

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TSMC said its net profit for the first three months of 2025 rose 60.3 percent from a year ago

TAIPEI, Taiwan — Taiwan Semiconductor Manufacturing Co. shares rocketed to a fresh intraday high of 2,000 Taiwan dollars Friday, jumping 2.30% as investors cheered the world’s largest contract chipmaker’s explosive growth fueled by insatiable demand for artificial intelligence processors.

TSMC said its net profit for the first three months of 2025 rose 60.3 percent from a year ago
TSMC Shares Surge Past 2,000 TWD as AI Demand Fuels Record Q1 Revenue Surge
AFP

The stock closed at exactly 2,000 TWD, up 45 TWD from Thursday’s close, on heavy volume exceeding 32 million shares by mid-afternoon trading on the Taiwan Stock Exchange. The move pushed TSMC’s market value deeper into record territory and underscored its central role in the global AI boom, even as broader market concerns linger over potential supply constraints and geopolitical risks.

TSMC, known simply as TSMC, reported a stunning 35% year-over-year revenue jump to $35.7 billion for the first quarter of 2026, smashing expectations and setting a new quarterly record. The surge was driven overwhelmingly by high-performance computing chips, particularly those powering AI data centers from clients like Nvidia, Broadcom and hyperscale cloud providers.

“AI is the mega trend, and our customers and their customers are giving us very strong signals for capacity,” TSMC executives have repeatedly emphasized in recent months. The company’s advanced 3-nanometer and 5-nanometer process technologies — critical for energy-efficient AI accelerators — accounted for a growing share of wafer revenue, with gross margins expanding thanks to premium pricing on cutting-edge nodes.

Friday’s stock pop came just days before TSMC’s scheduled first-quarter earnings conference on April 16, where analysts widely expect the company to reaffirm or even raise its full-year guidance for nearly 30% revenue growth in 2026. Wall Street has grown increasingly bullish, with several firms lifting price targets amid signs that AI infrastructure spending shows no signs of slowing.

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Explosive Growth Amid Capacity Crunch

TSMC’s January-through-February 2026 revenue already climbed nearly 30% from the same period a year earlier, with March figures released earlier this month continuing the momentum. The foundry giant has guided for Q1 revenue between $34.6 billion and $35.8 billion, a forecast it appears on track to meet or exceed based on preliminary data.

Much of the optimism stems from TSMC’s near-monopoly on advanced chip manufacturing. The company holds roughly 60% of the global foundry market and an even higher share in leading-edge nodes below 7 nanometers. AI accelerators, which rely heavily on TSMC’s most sophisticated processes and its proprietary CoWoS advanced packaging technology, have become the fastest-growing segment.

Nvidia alone is said to have booked a majority of TSMC’s CoWoS capacity through 2027, creating a bottleneck that has competitors scrambling. TSMC plans to quadruple CoWoS output to around 130,000 wafers per month by late 2026, with major expansions in Chiayi, Taiwan, turning the area into a global packaging powerhouse.

Yet capacity remains tight. Broadcom executives recently flagged TSMC production limits as a supply chain choke point for 2026, even as the foundry ramps new fabs. Industry analysts warn that while TSMC is investing aggressively, demand for AI silicon could outstrip supply well into 2027.

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To meet that demand, TSMC has hiked its 2026 capital expenditure plan to between $52 billion and $56 billion — a 27% to 37% increase from 2025. The bulk of that spending targets advanced process technologies and packaging infrastructure, with additional funds earmarked for global expansion.

Global Footprint Expansion Accelerates

TSMC is not putting all its eggs in Taiwan. The company continues aggressive overseas investments to mitigate geopolitical risks and meet “friendshoring” demands from Western clients.

In Arizona, TSMC’s Fab 21 has reached Taiwan-level yields on 4-nanometer production, with Phase 2 (3nm) tool installation slated for later in 2026. Rumors suggest even bolder plans: up to 12 fabs and four advanced packaging facilities in the state as part of broader U.S.-Taiwan semiconductor cooperation. The company is also repurposing land for dedicated CoWoS packaging in the U.S. to reduce reliance on trans-Pacific shipping for finished AI chips.

In Japan, TSMC plans to begin mass production of 3-nanometer chips at its second Kumamoto fab in 2028, with an investment reportedly reaching $17 billion. The move expands TSMC’s presence in a key ally and diversifies its manufacturing base.

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These international pushes come amid ongoing tensions across the Taiwan Strait. While analysts note that direct military conflict remains a low-probability tail risk, any disruption to TSMC’s Taiwan operations would send shockwaves through the global economy, given the company’s irreplaceable role in supplying chips for everything from smartphones to servers to autonomous vehicles.

Stronger Margins, Bullish Outlook

TSMC’s Q1 performance highlights improving profitability. Guidance called for gross margins of 63% to 65%, up significantly from prior periods, thanks to a richer product mix skewed toward high-margin AI chips and better utilization rates across its fabs.

For the full year, TSMC continues to project revenue growth near 30% in U.S. dollar terms, outpacing the broader semiconductor industry. AI-related revenue, which already represented a high-teens percentage of total sales in 2025, is expected to climb further as hyperscalers pour hundreds of billions into data center buildouts.

“TSMC sits at the heart of the AI buildout,” one analyst noted. “Every dollar spent on AI hardware flows through its fabs.”

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The stock’s recent performance reflects that centrality. TSMC shares have climbed steadily in 2026, trading well above their 52-week low of around 780 TWD and approaching the February peak near 2,025 TWD. The ADR version traded on the New York Stock Exchange (ticker: TSM) has similarly benefited, with investors viewing it as a purer play on AI growth than many U.S. tech names.

Risks on the Horizon

Despite the euphoria, challenges remain. Geopolitical tensions could escalate. U.S. export controls on advanced chips to certain markets add complexity, though TSMC has largely navigated compliance.

Capacity constraints may force TSMC to be more selective with customers, potentially capping near-term growth. Some skeptics question whether the AI spending cycle could moderate if economic headwinds hit or if returns on massive data center investments disappoint.

TSMC executives have acknowledged these dynamics but remain confident. “We see very strong demand signals across advanced technologies,” they have said, pointing to multi-year commitments from key clients.

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Taiwan’s own economy is riding the TSMC wave. The government recently revised its 2026 growth forecast upward to 7.7%, citing AI-driven semiconductor strength. Local fund assets are projected to swell on the back of ETF inflows into TSMC-heavy portfolios.

What Investors Are Watching

As markets await the April 16 earnings call, focus will be on several key metrics: updated full-year guidance, details on CoWoS capacity ramp timelines, margin trends, and any color on regional demand splits.

Analysts largely maintain “buy” ratings on TSMC, citing its technological lead, pricing power and structural position in the AI supply chain. Some see potential for the stock to test new highs if Q1 results confirm sustained momentum.

For now, Friday’s trading action — with the stock breaking the psychologically important 2,000 TWD level — signals robust confidence. In a world racing toward artificial intelligence, TSMC remains the indispensable foundry powering the revolution.

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