Foreign portfolio investors have pulled out Rs 17,131 crore from Indian equities in September so far, according to the latest depository data cited in reports on Tuesday.

The net outflow masks a split picture: FPIs sold Rs 25,682 crore worth of shares on stock exchanges, but infused Rs 8,551 crore through the primary market, softening the headline number.

Geopolitical uncertainty, elevated US bond yields and firm crude prices weighed on risk appetite, analysts said. Selling also extended to debt, with outflows across the fully accessible and voluntary retention routes.

The figures vary with the data cut-off, and later snapshots have shown different totals, so the numbers reflect the latest available data rather than a final tally.

NSE’s chief executive recently termed the withdrawals cyclical, arguing money could return as the AI boom peaks. For now, domestic investors have absorbed much of the foreign selling. Market strategists say global cues will decide whether the selling persists into October.