Foreign investors have pulled out Rs 26,533 crore in November so far from the Indian equity market, data from the repositories suggested owing to increasing allocations to China, concerns over muted corporate earnings and elevated valuation of domestic stocks.

The quantum of net outflows has significantly reduced compared to October, when Foreign Portfolio Investors (FPI) withdrew Rs 94,017 crore ($11.2 billion) on a net basis.

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According to the data, FPIs recorded a net outflow of Rs 26,533 crore so far this month (till November 22). This came following a net withdrawal of Rs 94,017 crore in October, which was the worst monthly outflow. However, in September, foreign investors made a nine-month high investment of Rs 57,724 crore.

In terms of sectors, FPIs have been buying IT stocks while banking stocks have been resilient despite facing selling pressure, mainly due to support from domestic institutional investors.

On the other hand, FPIs withdrew Rs 1,110 crore from the debt general limit and invested Rs 872 crore in the debt Voluntary Retention Route (VRR) this month until November 22.

With the latest pull-out, FPI outflows on a net basis are Rs 19,940 crore in 2024 so far.

After selling equity for Rs 1,13,858 crore through exchanges in October, FPIs have sold another Rs 41,872 crore of equity through exchanges in November so far, according to exchange data.

The total FPI selling through the exchanges between October 1 and November 23 stands at a whopping Rs 1,55,730 crore, exchange data show.

However, domestic institutional investors (DIIs) invested Rs 37,559 crore in November so far and Rs 107,254 crore in October this year.