Rally Masks a Flight to Quality as FIIs Sell and Smallcaps Fade
Sensex surged 900 points, but underneath the headline, foreign investors exited, smallcaps declined, and money crowded into Utilities and Adani names. This was rotation, not conviction.
Indian equities put up a big number — Sensex up over 900 points, Nifty gaining roughly one per cent — but the underneath told a different story. FIIs sold 943.6 crore of cash-market equities today while DIIs absorbed 1924.41 crore. The index rose; the ownership shifted. This was not a broad risk-on session. It was a quality flight dressed up as a rally.
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Behind the gate: full narrative · India VIX · FII/DII flows · sector heat · View Evidence