FPIs, however, invested a net Rs 2,096.38 crore in the debt securities during the period.

During the last week, the Sensex gained 463.69 points or 1.24 per cent.

However, analysts said the trend may reverse if the government addresses the tax concerns of overseas investors.

In the budget last month, Sitharaman proposed to hike taxes on those earning more than 20 million rupees annually.

Notification or executive order to the effect likely.

Separately, media said government was considering reducing tax on long-term capital gains introduced three years ago.

FPIs have been on a selling spree since the announcement of super-rich tax, said Morningstar's Himanshu Srivastava.

Analysts say the current outflows from foreign investors could be temporary, going by the recent trend in FPI investments.

FPIs had been net investors in the equity segment in the previous five months.

DBS Bank suggested hiking the cap on foreign funds' investment in domestic debt is a better option.