NEW DELHI: Foreign portfolio investors (FPIs) have pulled out close to Rs 4,800 crore from equities in the first fortnight of September on rising US bond yields, a stronger dollar, and concerns over global economic growth.

Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 trillion during the period.

In the coming days, FPIs are likely to press sale as the market is at record highs and valuations are high, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

“With high bond yields in the US (the 10-year is at 4.28 per cent) and the dollar index above 105, FPIs are likely to sell more,” he added.

With this, the total investment by FPIs in equity has reached Rs 1.3 lakh crore and over Rs 30,200 crore in the debt market this year so far.

In terms of sectors, FPIs have been consistently buying capital goods and power.