After six months of consecutive inflows, foreign institutional investors (FII) turned net sellers of domestic stocks in April. FIIs pulled out $1.29 billion worth of domestic securities in April, the highest since March 2020, according to domestic brokerage and research firm Edelweiss Securities. The outflows came about as India began witnessing a massive outbreak of the coronavirus once again, while the world was easing restrictions and expanding vaccination coverage. Prior to last month’s outflow, FPIs pumped in $26.8 billion in equities between October 2020 and March 2021. The outflows are just a fraction of what FIIs had pumped in since October last year. The largest selling was witnessed by the banking and finance sector stocks, where FIIs pulled out $1.29 billion. This was followed by the oil and gas sector, where outflows stood at $466 million, and the metal sector saw FIIs sell securities worth $242 million.