If you look back at the last 25 years since these foreign portfolio investors (FPI) were permitted into Indian equities, they have been buyers in most of the years. Interestingly, these FPIs were net sellers in India to the tune of Rs.83,000 crore in the year 2018, of which 60% was in debt and 40% was in equities. From the time foreign portfolio investors (FPIs) were first allowed into Indian equities in the early 1990s, they have been loyal buyers in most of the years. Barring some rare years like 2008, 2012 and 2018, when FPIs were net sellers in Indian equities, they have been buyers in most of the years. Of course, the FPI interest in Indian equities is dependent on a variety of factors like the valuation of Indian companies, earnings growth, macro factors like inflation/interest/trade deficit etc. It also depends on the US Fed interest rates as that determines which way the money will flow. Also the relative attractiveness of other emerging markets in Asia also makes a big impact on the FPI flows into India.