Mumbai, Nov 6 (IANS): Although foreign institutional investments surged last month, domestic institutional investors (DII) pulled out their money from the Indian equities with DII outflows in October at $2.4 billion.

A report by Motilal Oswal Institutional Equities said that the DII outflow in October was the highest since March 2016.

FII inflows in October stood at $2.5 billion.

The report also said that the Nifty 50's market capitalisation is at an all-time high. However, the Nifty Mid-cap 100's market cap is still down 24 per cent from its peak, although it is above Dec 2019 level.

Further, as per the report, in the past month, companies where Covid impact on business model was low have outperformed the ones where Covid impact was higher.

It noted that corporate commentary is positive on demand recovery with discretionary demand seeing an uptick during the festive season. Leverage and cash-flows have also seen material improvement in the first half of FY21 against the first half of FY20.