One of the biggest characteristics of this rally are the domestic and foreign flows. According to data available on NSDL, foreign portfolio investors net bought $31.50 billion worth of stocks between June 30, 2020 and August 31, 2023. To put it in perspective, more than half of this - about nearly $18.24 billion - has come from April 1, 2023 to Aug. 31 in the current financial year.

IT Sector Outflows

But one sector that saw the foreign money outflow since June 30 is information technology. FPIs sold IT stocks worth $14.7 billion, a large part of this happening since April 2022. Nearly $8.2 billon of outflows took place since December 2021, according to data collated from NSDL, when FPIs turned negative on the sector.

In the current financial year, FPIs have net sold $458 million worth of equities but have been buyers of $693 million worth of stocks since July 16.