Despite being net sellers of Indian equities since the beginning of the year, foreign portfolio investors (FPIs) have increased exposure to sectors including capital goods, construction and construction materials that will benefit from the government's thrust on capital expenditure (capex). During the first fortnight of May 2024, their weight in these sectors rose by 237 basis points year-on-year to a record 9.1% according to data from NSDL. The increase was driven by the capital goods sector where the FPI weight increased to a record 5.4% compared with 2.2% a year ago. They had an exposure of 2.1% and 1.7% to construction and construction material sectors respectively.