Dealers now say some of the FIIrun exchange traded funds (ETFs) were also on sell mode, along with a host of short-term funds. Brokers are now looking for possible downgrades for India by any of the three ratings majors, Moody’s, S&P and Fitch. “If that happens, more FIIs will withdraw from the (Indian) market,’’ head of a local brokerage said. However, so far there have been mixed signals from the agencies on India’s ratings in the short-term.

Allen Taylor