MUMBAI: Foreign Portfolio Investors (FPIs) became net sellers in the Indian equities market for the third 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 in the week under review by shedding-off shares worth $371.91 million.

For the week ended Oct 17, the FPIs massively sold stocks worth 2,968.55 crore or $371.91 million, according to data with the National Securities Depository Limited (NSDL).

"Buying by foreign investors has weakened in recent days which is having its downward impact on the INR. The performance of the Indian equities remains contingent on resumption of FII flows," said Sanjeev Zarbade, vice president, private client group research, Kotak Securities.

The FPIs were net-sellers Friday. They sold shares worth $178.45 million, or 1,097.11 crore, on Oct 17.

The FPIs had massively sold stocks for the week ended Oct 10, worth 1,231.28 crore or $200.33 million.

For the week ended Oct 1, the FPIs shed stocks worth 653.95 crore or $105.29 million.