New Delhi, Oct 21 : FPIs continued their selling spree in October with a sell figure of Rs 12146 crore through the 20 and the selling in the cash market was higher at Rs 16176 crore, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. FPIs have been selling across the board in sectors like financials, power, FMCG and IT. Selling was subdued in automobiles and capital goods. They were buyers in telecom, he said. The primary reason for the sustained selling was the sharp spike in US bond yields which took the 10-year yield to a 17-year high of 5 per cent on October 19. If the safest asset class in the world, the US bond, yields around 5 per cent it is rational for FPIs to take out some money. It is important to note that the FPI selling is not large. This means, when the tide turns, capital outflows will be reversed, he added. Another important feature of FPI investment is the increasing inflows into the debt market. There are many reasons for this. One, FPIs are diversifying their investment amidst global uncertainty and weakness in the global economy. Indian bonds are giving good yields and INR is expected to be stable given India's stable macros. Another factor is the inclusion of India in the JP Morgan Global Bond Index. Some FPIs are preempting the Indian bond buying by the major buyers. Above all foreign investors now perceive India as the most stable emerging market with the bestgrowthstory, he said. /IANS