Foreign investors have pulled out more than Rs 4,300 crore from Indian capital markets in the past five trading sessions due to muted quarterly earnings and fears of a possible rate hike by the US Federal Reserve.

The move comes after Foreign Portfolio Investors (FPIs) inflow hit a seven-month high in October.

According to data compiled by the depositories, net outflow in equities stood at Rs 2,667 crore between November 2-6, while it was Rs 1,689 crore for debt, translating into a total of Rs 4,356 crore ($666 million).

Prior to that, FPIs had made a net investment of Rs 22,350 crore last month, making it the highest investment by these investors since March, when they had poured in Rs 20,723 crore into the Indian markets.

The huge inflows during October also reversed the outflows seen during the past two months. FPIs pulled out over Rs 23,000 crore from the capital markets (equities and debt) in the past two months on fears of an economic slowdown in China, which triggered a global sell-off.

Last week’s announcement by US Fed Chair Janet Yellen that a December rate hike is on the table as the economy has performed well, has prompted investors to withdraw money.

Investors’ mood remained fragile because of disappointing quarterly earnings by blue-chips and uncertainty over the Bihar assembly election results as market experts believe that the poll outcome will influence the course of economic reforms.

“Markets believe developments in Bihar elections may be a catalyst to the investment mood of FPIs and FIIs in the near term,” said Hiren Dhakan, Associate Fund Manager at Bonanza Portfolio.

Since the beginning of the year, overseas investors have made a net investment of Rs 25,030 crore in equities and Rs 53,408 crore in debt market.

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