Foreign Portfolio Investors (FPIs) continued their sell-off in Indian equities, withdrawing ₹60,847 crore (approximately $6.5 billion) in April 2026. This brings the total outflows for the year to ₹1.92 trillion, significantly surpassing the ₹1.66 trillion outflow recorded for the entire year of 2025, according to data from the National Securities Depository Limited (NSDL). FPIs have been net sellers in all months of 2026 except February, which saw an inflow of ₹22,615 crore, the highest in 17 months. The sustained selling pressure is attributed to global macroeconomic headwinds and heightened geopolitical risks, particularly escalating tensions in West Asia that have pushed crude oil prices above $100 per barrel. Analysts warn that these factors, coupled with a weakening rupee and rising inflation concerns, have made Indian equities appear expensive, with the Nifty index trading at about 21 times price-to-earnings. However, if geopolitical tensions ease and oil prices stabilize, there may be a potential for selective FPI inflows supported by strong domestic institutional buying, which has totaled around ₹1.7 trillion year-to-date.