The fall season: Foreign portfolio investors pull out Rs 80 bn in September

The markets had a horrid September with benchmark indices falling more than 6 per cent, with the Nifty Smallcap 100 index dropping nearly 20 per cent. The weakness in the market was triggered by the fall in the rupee against the dollar, surging bond yields leading to liquidity tightness, and rising crude oil prices triggering fears of deterioration in macro fundamentals. Foreign portfolio investors pulled out nearly Rs 80 billion in the month. Financial stocks were among major losers, while information technology shares gained thanks to a weak rupee. In the broader market, Infibeam Avenues and Dewan Housing Finance were