New Delhi: Foreign portfolio investors (FPIs) have withdrawn Rs 48,056 crore from Indian equities so far in October, extending a heavy selling run driven by crude oil prices around $114 a barrel, Middle East tensions, inflation concerns and weak corporate earnings, PTI reported on Sunday, citing depository data.

Source: PTI via DailyGraph

Yaani, Rs 48,056 crore is about Rs 0.48 lakh crore taken out in less than a full month. The October outflow follows net withdrawals of Rs 35,861 crore in September, after FPIs had invested Rs 20,200 crore in July and Rs 29,631 crore in August, according to data from the Central Depository Services Ltd (CDSL).

With October's selling, cumulative FPI outflows in 2026 have reached Rs 3.08 lakh crore, substantially more than the Rs 1.66 lakh crore withdrawn during the whole of 2025, the data showed. Selling did ease in the week ended October 23, when FPIs turned net buyers on two trading days.

Dheeraj Gaur, chief investment strategy officer at Choice Wealth, attributed the selling to elevated crude prices, weak corporate earnings, inflation concerns and uncertainty over domestic liquidity, and said the Rs 30,213-crore Jio Platforms IPO also temporarily absorbed market liquidity, PTI reported.

Anand K Rathi, co-founder of MIRA Money, told PTI that persistently high crude prices and concerns over the earnings outlook continued to drive the withdrawals, while steady inflows from domestic institutional investors and systematic investment plans (SIPs) helped cushion the pressure. He added that higher oil and logistics costs could weigh on earnings growth in coming quarters, and elevated US interest rates have kept American assets attractive.

The Hindu also reported the October outflow, noting that it followed the September withdrawal and marked a sustained period of foreign selling from the domestic market.

Source: The Hindu via EL7