Foreign investors sold nearly $1 billion worth of Indian equities in the two days since the government raised taxes on derivatives trades and on capital gains from equity investments in its annual budget. Foreign portfolio investors (FPIs) net sold shares worth 81.06 billion rupees ($968 million) on Tuesday and Wednesday, provisional data from the National Stock Exchange showed. These investors, anticipating the budget, had bought equities worth a net amount of $2.20 billion in six sessions before the presentation on Tuesday. They have invested a net $5.1 billion so far this year. The increase in capital gains tax is clearly a negative even if the increase on long-term gains is moderate, said Ashish Gupta, chief investment officer at Axis Mutual Fund.