While the earnings have improved, there is a constant supply of paper coming in from the larger FIIs and that is putting some bit of pressure on some stocks. The next big theme to track is will the FIIs warm up to the Indian summer.

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This week, there were four large conferences, Citi, Nuvama, JM financial had a BFSI conference, and Axis Capital had a tech conference. The big takeaway from Bill Kennedy who is one the largest FII investors in India and being investing for more than 30 years – sees a lot of opportunities in India and believes this could be India's decade. That is a big statement coming in, when someone like Bill Kennedy has been watching it there for so long.

Key themes in these conferences were rural recovery, public capex outlook, emerging China plus one opportunities, and digitisation opportunities were talked about.

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Talking about rural recovery – that is going to be key for a lot of stocks so that is something that was well debated. The other was the public capex picking up and that is going to be very critical ahead of the election next year.

A lot of global investors are looking for bottom-up opportunities in India now. Though India has outperformed the whole of last year, again the big change in attitude for India is the fact that India was always considered a beta market. For the first time after the big outperformance last year, that image has changed for India.

Now, investors are looking at whether India can be an alpha market, irrespective of what happens in global markets, can India continue to outperform? So that has been a big change in the attitude as well from the larger FIIs and that was a big talking point as well.

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First Published:Feb 11, 2023 8:26 AM IST