New Delhi, May 2 -- Foreign investors continued their relentless sell-off in Indian equities, pulling out Rs.60,847 crore ($6.5 billion) in April primarily due to escalating geopolitical tensions and global macroeconomic uncertainties that dampened risk appetite. With the latest withdrawal, total outflows by Foreign Portfolio Investors (FPIs) have surged to Rs.1.92 lakh crore in the first four months of 2026, significantly exceeding the Rs.1.66 lakh crore outflow recorded in the entire calendar year 2025, according to NSDL data. FPIs remained net sellers in all months of 2026 except February. They withdrew Rs.35,962 crore in January, followed by an infusion of Rs.22,615 crore in February, the highest monthly inflow in 17 months. However, the trend reversed sharply in March, with a record outflow of Rs.1.17 lakh crore, and continued into April, with withdrawals of Rs.60,847 crore, the data showed. Market participants attributed the sustained selling pressure to a mix of global macroeconomic headwinds and heightened geopolitical risks. Himanshu Srivastava, Principal Manager Research at Morningstar Investment Research India, said April began with heavy selling as escalating tensions in the Middle East pushed crude oil prices higher, reviving concerns around global inflation. Vaqar Javed Khan, Senior Analyst Fundamental at Angel One, described April's outflow as a "textbook risk-off reaction" to escalating US-Iran tensions. He added that crude oil prices crossing $100 per barrel, the rupee weakening towards Rs.92 against the US dollar, and the resurgence of inflation and current account deficit concerns have made India's relatively high Nifty valuation of around 21 times price-to-earnings appear expensive amid global uncertainty....