New Delhi, Oct. 14 -- The overseas investor selloff hit Rs.1.6 lakh crore in the ongoing Samvat year, turning into a major factor behind the subdued stock market performance of the Indian stock market in a year.

Foreign portfolio investors (FPIs) have remained net sellers of stocks in seven of the last 11 months, according to NSDL data. However, the tide seems to be turning this month, with FPI net inflows at Rs.653 crore in October so far after three months of relentless selling.

Against this backdrop, the NSE benchmark index Nifty 50 has remained flat in the last one year, significantly underperforming other asset classes like gold and bitcoin.

The lack of lucrative valuations and earnings slowdown have made the smart money dump Indi...