Mumbai, Dec 24 (IANS): Foreign Portfolio Investors (FPIs) turned sellers for the first time in 10 days, offloading Rs 114 crore worth of shares on Tuesday, provisional data from the bourses showed. This comes after an inflow of nearly Rs 6,500 crore in just 7 past trading sessions.

However, FPIs remain net buyers for the month of December, buying shares worth Rs 6,500 crore and selling shares worth over Rs 5,700 crore.

According to a report by Kotak Securities, the market mood is more positive than what is reflected in the real economy, mainly because of improvement in earnings led by a reduction in corporate tax rate and strong FPI & SIP flows

Despite weak macros, FPIs have been betting big on the Indian markets. Indian markets are currently near record highs but Sensex and Nifty have turned sellers for the past two sessions.

On Tuesday, Sensex closed 180 points lower after the International Monetary Fund said that India is in the middle of a significant economic slowdown.

A Crisil report earlier this month said that global monetary environment is expected to remain benign at least till next year. However, there is also significant geopolitical uncertainty, which is affecting risk appetite.

"India's own vulnerability has also shown some signs of weakness of late with slowing GDP growth and rising fiscal stress. This could result in volatile foreign capital inflows, especially of short-term nature like FPIs," the rating agency said.