The Indian stock market’s winning streak is fading as investors become more pessimistic about the potential of tighter monetary policy and reduced stimulus spending in the coming year. 

Since the end of September, India’s benchmark S&P BSE Sensex has dropped 3.6 percent, putting an end to a six-quarter surge that saw the index quadruple in value. The gauge has approaching a technical correction since reaching a record high in October, with foreign investors withdrawing more than $4 billion from the market in the last three months. 

Some analysts are also wary due to historically high values. The MSCI Emerging Markets Index is trading at 12 times its expected ahead 12-month earnings, while India’s main stock indicators are trading at 20-21 times.