Mumbai, Oct 27 (IANS): The cumulative foreign portfolio investor (FPI) selling in equity through the Indian stock exchanges stood at Rs 102,931 crore (till October 24), as the market remained resilient.

Last week, FPIs pulled out Rs 20,024 crore from Indian equities as main indices, Nifty and Sensex, declined by 2.7 per cent and 2.2 per cent, respectively.

However, FPI were buyers in the primary market, and bought shares for Rs 17,145 crore during this period.

Some large IPOs enabled this big primary market investment. Net of the primary market purchase the total FPI sell figure stands at Rs 85,790 crore during this period, according to market experts.

Sustained FPI selling has impacted market sentiments, pulling the Nifty down by 8 per cent from the peak.

According to market experts, FPIs are likely to continue their selling in the near-term since the market sentiment has turned weak due to the escalation of tensions in the Middle East and the uncertainty regarding the outcome of the US presidential elections.

FPIs have been sellers on all days in October in the cash market. The current wave of FPI selling was triggered by the Chinese stimulus measures and the cheap valuations of Chinese stocks. The elevated valuations in India made India the top choice of FIIs to sell.

Going forward, domestic macros are largely favouring the market with the unveiling of strong Purchasing Managers' Index (PMI) data and strong economic growth forecast by the Reserve Bank of India (RBI) for FY25.

The resilience of recent manufacturing data suggests the plausibility of an economic recovery in H2 FY25, which should encourage investors to accumulate quality stocks, said experts.

According to market watchers, a moderation in valuation, a pickup in earnings in H2 FY25, and an expectation of an RBI rate cut in 2025 will provide support to the market.