Foreign investors have pulled out more than Rs 3,600 crore from the Indian equity markets in the last nine trading sessions, adopting a cautious stance towards the country. This comes following a cumulative net inflow of Rs 8,584 crore in the equity markets by Foreign Portfolio Investors (FPIs) during November and December. According to data available with the depositories, FPIs withdrew a net amount of Rs 3,677 crore from equities during January 1-12. However, they pumped in a net sum of Rs 1,872 crore in the debt markets during the period under review. "While it may not be a good start for the year, its too early to draw any conclusion. However, at best what it indicates is that FPIs are continuing with their cautious\/wait and watch stance towards India," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India. "Going ahead, the focus would be on the budget, country's progress on the economic growth front as well as general elections. Other factors such as movement in crude prices and currency, which would have a bearing on the country's macro-environment; and worries over global trade war will continue to guide the direction of FPI flows," he added. Read Also| Five of top-10 most valued firms add Rs 43,689 crore in m-cap last week Harsh Jain, COO at Groww, an online MF investment platform, said 2019 is likely to see a lot of volatility because of rate hikes and dollar instability, but the Indian markets may not be as volatile as developed ones despite short-term political uncertainty. "India offers better investment opportunities due to consistent growth, supportive global factors and attract valuations. We should expect positive inflow in coming months," he added.