Uncertainty has contributed to volatility in India’s financial markets so far in 2024-25. The attitude of foreign portfolio investors (FPIs) in particular has affected the market. Since April this year, FPIs have, in aggregate, been net sellers of Indian equity worth Rs 8,644 crore (until November 4). But selling has been concentrated in three specific months — huge net sales of Rs 94,017 crore in October, a substantial Rs 25,586 crore in May, and Rs 8,671 crore in April. Selling in April-May coincided with India’s general elections and was driven by apprehensions about the outcomes. The ongoing US elections have