Continuing their selling spree for the second straight month, foreign portfolio investors (FPIs) withdrew a net Rs 15,403 crore from the Indian capital markets in April amid the coronavirus crisis.

According to the depositories data, FPIs pulled out a net sum of Rs 6,884 crore from equities and a net Rs 8,519 crore from the debt segment between April 1 and April 30.

The total net outflow during the month stood at Rs 15,403 crore. In March, FPIs had withdrawn a record Rs 1.1 lakh crore on a net basis from the Indian capital markets (both equity and debt).

“Of the inflows that are coming into India, nearly all are in the NBFC and pharma sectors,” said Harsh Jain, co-founder and COO at Groww.

He further said outflows continued due to the uncertainty over the economic conditions and investors are being cautious, keeping their reserves in the dollar.

“Though net outflow continued in April, it did not reach the levels seen in March. However, the pessimism continues to grip the markets,” said Himanshu Srivastava, senior analyst manager research, Morningstar India.