NSDL data reveals foreign portfolio investors (FPIs) were net sellers in 7 out of 11 months, pulling $16.4 billion from equities in the first 11 months (Jan-Nov). Despite brief inflows in Apr, May, June, and October, the dominant trend is outflow, signalling sustained caution among foreign funds driven by global risk-off sentiment, US Fed rate uncertainty, and a shift preferring primary markets (IPOs) over the secondary market.