Indian stocks slumped, with the benchmark gauge poised for its lowest level since October, amid a global equity rout.

Aluminum producer Hindalco Industries Ltd. (HNDL) was the worst performer on the S&P BSE Sensex. (SENSEX) Tata Consultancy Services Ltd. (TCS), the nation’s largest software exporter, paced losses among its peers. ICICI Bank Ltd. (ICICIBC), the country’s second-biggest lender, plunged to a four-month low.

The Sensex sank 1 percent to 20,014.09 at 9:32 a.m. in Mumbai. The MSCI Asia Pacific Index fell to a five-month low today as weaker-than-expected growth in U.S. manufacturing helped extend a selloff that wiped about $ 1.9 trillion from global equities last month. Foreign investors sold a net $ 93 million of local stocks on Jan. 31, capping the first monthly outflow since August, data compiled by Bloomberg show.

“The global risk-off trade is on and it will impact India as much as other emerging markets,” Surya Narayan Nayak, head of equity research at Sun Capital Advisory Services Pvt., said by phone from Mumbai. “We are dependent on foreign inflows and their movement will impact sentiment.”

Overseas investors pulled a net $ 12.8 million from Indian shares last month as capital exited emerging markets after the Fed said Jan. 29 it will continue to cut monthly bond purchases.

The Sensex retreated 3.1 percent last month, its steepest monthly decline since August. The gauge is valued at 12.6 times projected 12-month profits, the cheapest since August. The gauge’s 50-day volatility measure, a gauge of price swings, dropped to the lowest since April yesterday.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net