Punjab, Sept. 22 -- Foreign portfolio investors have withdrawn Rs 20,974 crore from Indian equities in September. That takes the 2026 total to about Rs 2.45 lakh crore - already larger than the whole of last year's Rs 1.66 lakh crore.
The reversal is what stands out
FPIs put Rs 20,200 crore into Indian equities in July and Rs 29,630 crore in August. September has undone both.
Two months of buying followed by one month of larger selling is not a verdict on Indian earnings. It is money responding to a price that moved somewhere else.
What moved
The Federal Reserve has taken rates to 3.75-4.00%, which narrows the yield differential that made Indian assets worth the currency risk in the first place.
Brent above $100 for most of the month ...