Foreign portfolio investors (FPIs) have been on a selling spree in May, offloading over Rs 17,000 crore worth of Indian equities. This trend has been influenced by the rise in US bond yields and the stronger performance of Chinese and Hong Kong markets. According to the data provided by National Securities Depository Ltd (NSDL), FPIs bought equities worth over rupees one lakh eight thousand crore and sold over rupees one lakh 26 thousand crore till May 10 in this month.

Heavy selling by FPIs also contributed to the fall in benchmark stock market indices, Sensex and the Nifty 50, which declined by 2.6 per cent each, in the current month.