Many on the Street are cheering the return of foreign portfolio investors (FPIs). In the last three trading sessions, FPIs scooped shares worth more than Rs 4,000 crore, spurring a 13 per cent rally in the market. Domestic institutional investors (DIIs), on the other hand, are seen taking some money off the table. In March, FPIs have pulled out a record Rs 62,000 crore from domestic equities, triggering a 26 per cent drop in the benchmark indices. “Clearly, the risk-on sentiment is back aided by the aggressive stimulus packages and muted growth in Covid-19 cases in key geographies. Usually, FPIs don’t change the direction that frequently, which means the markets
could extend gains,” said an analyst adding that the Nifty is headed towards 9,300. Last week, the Nifty had ended at 9,112.