Foreign investors are pulling out funds from the Indian market as global cues, the coronavirus outbreak and the Yes Bank crisis is dampening sentiments.

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In an interview with CNBC-TV18, Jeff Chowdhry, Non Executive Chairman of RLC Ventures, shared his outlook on global markets, specific stocks and sectors.

Speaking about the the market Chowdhry said, "The current stock market rout is not the same as 2008. In 2008, the correction was demand led, but today it is a supply led correction. What this means is the problem is very much in terms of potential supply disruptions because of the coronavirus outbreak rather than demand led.

"The second difference is, we have witnessed a huge fall in oil prices, although some economies like India benefit from it, there are others that are hurt badly. So basically, if crude falls to $30 per barrel, the US shale industry gets effectively wiped out. So what I expect is that the US administration will help the US shale industry via a fiscal stimulus or similar support. This is more like a real war now, it is a war in terms of oil and oil price."

He added, "What we haven't seen really is waves and waves of FII selling into the Indian market, it has been very low. However, the level of redemptions which mutual funds are now getting -- ETFs in particular -- I expect a lot more selling from foreign investors. So for India it is a mixed blessing -- oil price great, economy great, unfortunately portfolio flows are still negative."

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