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.

As per 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 1-30.

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In March, FPIs had withdrawn a record Rs 1.1 lakh crore on a net basis from the Indian capital markets (both equity and debt).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 have continued due to uncertainty surrounding economic conditions and investors are being cautious, keeping their reserves in the US dollar.

'Though net outflow continued in April, it did not reach the levels seen in March. However, the pessimism continues to grip the markets. Foreign investors would continue to adopt a cautious stance, which is also reflected in their investment pattern in the Indian markets.

'So far, India has been able to contain the Covid-19 pandemic from spreading aggressively. In addition to that, measures announced by the government and the RBI periodically to revitalize the sagging economy would have also resonated well with investors,' said Himanshu Srivastava, senior analyst manager research, Morningstar India.

With selective relaxation in the lockdown and gradual opening up of economic activity in the country, foreign investors will be closely watching the developments on this front. They would also start looking at the domestic economic indicators as well to see how the country manages its deficits, he added.

'These are unprecedented scenarios; and with risk-taking going off the table, emerging markets like India may continue to witness similar trends for a prolonged period or until the time situation on the coronavirus front stabilizes,' Srivastava said.