MUMBAI: Net selling of foreign funds in the stock market is on track to break all-time monthly record as the rupee has been weakening to record lows at regular intervals this month and rising crude oil prices are threatening India’s macro fundamentals as the war in West Asia continues without any sign of abating.Combined data from NSDL and BSE showed that foreign portfolio investors have pulled out Rs 93,698 crore from the stock market alone in the month so far. This is Rs 500 crore less than the highest net outflow number of Rs 94,017 crore recorded in October 2024, NSDL data shows.On an average, foreign portfolio investors (FPIs) have made a net sale of shares worth about Rs 7,000 crore in the current month, with five trading sessions remaining in the month (markets are closed on March 26 and March 31).On Friday, FPIs pulled out a net Rs 5,518 crore from the market, even as the Sensex closed 326 points higher, a slight reversal from Thursday’s brutal session that saw the index fall nearly 2,500 points. The Sensex has fallen over 6,750 points or 8.3% so far this month, mainly due to war-induced FPI selling, which also weakened the rupee.Like the past few weeks, Friday’s session also saw high volatility with the Sensex rising over 1,000 points in early trade and only strong profit-taking was seen. At the close the index was up just 0.4% at 74,533 points. On a weekly basis, the index has barely moved: last Friday (March 13) it closed at 74,563 points. Nifty also showed huge volatility on NSE and closed at 23,115 points, up 112 points (0.4%).Market players said that during the day, traders preferred to reduce their risks ahead of the weekend with rising uncertainty.According to Nagaraj Shetty of HDFC Securities, the near-term sentiment for Nifty remains weak and the current uptrend could lead to selling on the upside. “Weakness below 22,900 points could open up the next downside target of 22,500 points in the near term. However, immediate resistance is placed at 23,380 points,” he said.Global stocks fell for a third straight session as the Iran war put pressure on oil prices and worries that inflation could rise again. On Wall St, the Dow fell 0.5%, the S&P 0.7% and the Nasdaq 1%, while British and European equities fell for the third consecutive week and LatAm stocks fell to two-month lows.