Foreign portfolio investors (FPIs), after being net purchasers in four consecutive months, which extended to July 10, reversed positions and net sold shares worth $3.2 billion during the rest of the month. Of the $2.9-billion net selloff in July, IT shares accounted for $2.3 billion, a staggering 80%. “The (IT) sector is likely to stagnate because of the Trump noise. The artificial intelligence (AI) impact on IT jobs is also worrying,” said Nikunj Doshi, managing partner at Bay Capital, which has a $750-million FPI fund investing in India.