Foreign Portfolio Investors (FPIs) have continued their sell-off in Indian equities, withdrawing ₹19,837 crore (approximately $2.1 billion) in the first two trading sessions of April 2023. This follows a record outflow of ₹1.17 lakh crore (around $12.7 billion) in March, marking it as the worst monthly outflow for the Indian market. Analysts attribute this trend to geopolitical tensions in West Asia, rising crude oil prices, and a persistent depreciation of the Indian rupee. Since the conflict began, the rupee has depreciated by approximately 4%, contributing to fears of further declines and prompting FPIs to offload equities. Elevated US bond yields are also making fixed-income assets more attractive to global investors, further driving the rebalancing away from equities. Despite the sustained selling pressure, some market experts believe that Indian market valuations have become fair and potentially attractive, suggesting that FPI inflows could resume if geopolitical tensions ease and crude oil prices decline.