It is a fairly common belief that the Indian equity market is driven by fund flows from foreign institutional investors (FII). Whenever FIIs are net buyers, the market rises and when FIIs exit, the market drops. At times we may observe remarkable variations in general trends.
These variations can either be aberrations or signs of transformation. One such variation was seen in the domestic equity market in FY2015-16, when FIIs turned net sellers for the first time since the 2008 financial crisis.
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