In the first half of October2024, foreign portfolio investors (FPIs) withdrew ₹23,274 crore from the financial services sector, marking it as the most heavily impacted area of foreign selling, following similar purchase levels in September. Overall, FPIs sold equities worth ₹71,502 crore across17 sectors during this period, with total sales in the financial sector reaching ₹37,732 crore from January to September. Analysts suggest that declining second-quarter results due to increased competition and a focus on deposits may have influenced FPIs' risk-off sentiment, particularly as financials constitute a significant portion of the Nifty50.