In the past two months, huge buying was witnessed in the debt segment when FPIs had Rs 13,363 crore in September and Rs 14,376.2 crore in August. 

However, so far, in October, FPIs have pulled out Rs 1,494 crore, depositories' data showed. 

From equities, FPIs took out Rs 2,331 crore. 

The total net outflow stood at Rs 3,825 crore during October 1-22. 

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, ''FPIs have sold software stocks worth Rs 5,406 cr in the first half of October even though the second quarter (Q2) results of software companies were good. So, this is a clear case of profit booking. FPIs have been buyers in financial services.'' Himanshu Srivastava, associate director (manager research) of Morningstar India, said FPIs have preferred to stay on the sidelines, adopt a wait-and-watch approach and continue to book profits along the way. 

He further added that there continues to be a concern among FPIs with respect to the tapering of easy liquidity after the US Federal Reserve hinted of a rate hike sooner than expected. 

Also, concerns such as rising oil prices, US bond yields and challenges to the Chinese economy have been on their radar, thus keeping them on tenterhook and preventing them from substantially investing in Indian equities. 

''FPI flows October till date was mixed,'' said Shrikant Chouhan, head (equity research-retail) at Kotak Securities. 

Indonesia, Philippines and Thailand reported FPI inflows of USD 617 million, USD 38 million and USD 679 millionn, respectively. On the other hand, Taiwan and South Korea reported FPI outflows of USD 2,956 million and USD 2,472 million, respectively, he added. 

''Driven by sharp increase in energy prices globally, which can be a key headwinds for the developed and emerging markets. 

''Any increase in the rate by the US Federal Reserve in the near future would also act a key headwinds for overall flow in the emerging markets,'' Chouhan said.