Fed made FIIs spend Rs 27,000 crore on bank stocks but China forcing a U-turn now

FIIs invested Rs 27,000 crore in Indian bank stocks after the US Fed's rate cut. However, they reversed their investments due to China's quantitative easing. This led to a drop in Nifty Bank index by 5% in early October. Investors are watching for RBI's monetary policy decision on October 9.