Higher bond yields as well as a potential US Fed rate hike sparked a global risk-off sentiment, leading to elevated FII outflows in India, said Motilal Oswal Financial Services.

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According to the brokerage house, $13.5 billion in FIIs’ outflows have taken place in the secondary markets since October 2021.

“Domestic equities have also borne the brunt of rich valuations after a relentless rally post the bottom in March 2020,” the brokerage house said.