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As resurgent Covid cases turn a cause a concern for both the global and Indian markets, foreign portfolio investors (FPI) have pulled out net investments worth Rs 740 crore from the Indian equity market.

This is a reversal from the bullish sentiments among the foreign investors over the past one year.

So far in 2020, net FPI investments into the equity market have stood at Rs 55,002 crore, with Rs 19,473 crore, Rs 25,787 crore and Rs 10,482 crore net investments in January, February and March.

The sell-off in April comes amid the rising cases of Covid-19 and the possibilities of partial localised lockdowns, which may bring a halt to the reviving economic and business activities, market experts said.

Further, weakening of the India rupee also has led to the outflow of foreign funds. On Friday, depreciating for the fifth consecutive day, the Indian rupee closed at 74.74 per dollar.