After months of sustained selling, foreign investors are beginning to turn more positive on India, with equities now "probably oversold", Motilal Oswal Financial Services chairman Raamdeo Agrawal said on Saturday, even as he warned that geopolitical uncertainties and elevated oil prices continue to cloud the outlook. Speaking to news agency ANI, Agrawal said that a large amount of foreign portfolio investor (FPI) capital had already left India over the past two years, making the recent shift in sentiment noteworthy. "In the last two years already we have lost a lot of FPI capital. They've been completely on the outflow, particularly this year... Clearly, a lot of capital has left the country," he said. According to Agrawal, the prolonged outflows were driven by a mix of factors, including domestic market valuations, stronger returns in other global markets and the lack of a strong artificial intelligence investment theme in India. He added that geopolitical tensions had also kept oil prices high, putting pressure on India's external position.