Foreign Portfolio Investors (FPIs) became net sellers in the Indian equities market for the second consecutive week, following negative global and slow domestic reforms which dented sentiments.The foreign institutional investors (FIIs) along with sub-accounts and qualified foreign investors have been clubbed together by market regulator Securities and Exchange Board of India (SEBI) to create a new investor category called FPIs.The FPIs went on a selling spree by shedding-off shares worth $200.33 million.For the week ended Oct 10, the FPIs massively sold stocks worth ₹1,231.28 crore or $200.33 million, according to data with the National Securities Depository Limited (NSDL).The FPIs only infused $49.65 million or ₹306.42 crore in the week under review.However, the FPIs were net-buyers on Friday. They bought in shares worth $2.29 million, or ₹13.98 crore, on Oct 10.For the week ended Oct 1, the FPIs had massively sold stocks worth ₹653.95 crore or $105.29 million.For the week ended Sep 26, the FPIs had sold stocks worth ₹2,487.02 crore and had only bought shares worth $75.40 million or ₹458.34 crore.The week ended Sep 19 saw the FPIs buying shares worth $354.24 million or ₹2,159.67, which helped propel the Indian equities market to subsequent new highs.Negative international cues were cited as a major cause for FPIs pulling back. One of the main reasons cited was Germany industrial output figures which posted its worst fall for five and a half years.Anxiety was further added with the start of the second quarter results season which kicked of in the week under review.A week before’s RBI decision to maintain key interest rates was also a dampner. The RBI left key interest rates unchanged stating that the country is currently positioned to reach the inflation target of six percent by January 2016.It has retained the economy’s growth projection for current fiscal at 5.5% and said the future policy stance will be influenced by the inflation outlook.The status quo in these key policy rates mean the equated monthly instalments (EMIs) on home, auto and other loans would remain unchanged as these rates determine lending and borrowing rates of the commercial banks.This could put in a spanner in the festive season sales.However, the US Federal Reserve hinting that interest rates will stay near zero level for a “considerable time” rebounded FPIs interest in the Indian markets.”Continuing concerns over global growth impacted the global markets over the week and India was no exception. The lack of foreign flows resulted in subdued sentiments,”said Dipen Shah, head- private client group research, Kotak Securities.According to Shah, going ahead, the quarterly results will dictate stock specific action.”Infosys has started the season on a positive note. Markets will eagerly look forward to important reforms decisions from the government eg. coal linkages, gas pricing, which will provide further impetus to the domestic investment and infrastructure related sectors,” Shah said.”Positive news on these fronts will improve sentiments and allow markets to seek higher levels.”Dogged by the weak FPI sentiment, the benchmark index of the Indian equities markets lost nearly a percent in the week trade which ended Oct 10.The week which started post an extended weekend holiday on Tuesday saw the markets decline by 1.01% at Friday’s closing of 26,297.38 points.