Foreign funds pulled out a massive 4 billion dollars, from the Indian capital market in December, following rate hike by the US Federal Reserve. Net withdrawal by Foreign Portfolio Investors from equities stood at 8,176 crore rupees in December; while the same from the debt market was 18,935 crore rupees, translating into a total outflow of 27,111 crore rupees or 3.98 billion dollars, depositories' data showed.This year, so far, Foreign Portfolio Investors have invested a net sum of 20,566 crore in equities; while they pulled out 43,645 crore rupees from the debt market, resulting in a combined net outflow of 23,080 crore rupees.December was the third consecutive month of outflows by Foreign Portfolio Investors and most of the outflows by the overseas investors have been witnessed in the debt.