FOREIGN PORTFOLIO INVESTORS have come back with a bang in the current financial year after being net sellers in the previous fiscal. In Q1 of FY24, they invested ₹1.14 lakh crore ($13.9 billion) in Indian equities after dumping stocks worth ₹37,632 crore ($5.1 billion) in FY23. This took Nifty multiples (12-month trailing) to 22.4 in June-end. If the momentum continues through the month, the index may trade at a significant premium to its 10-year average of 19.5 times.

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