Quote on FPI : There is a distinct change in the FPI strategy with a clear tilt in favour of India from Dr. V K Vijayakumar, Geojit Financial Services

There is a distinct change in the FPI strategy with a clear tilt in favour of India. In the first three months of 2023, FPIs were continuous sellers in India due to India’s premium valuations and the opportunities provided by the Chinese reopening and the relatively lower valuations in South Korea, Hong Kong and Taiwan. That phase is now over and India has once again become a favoured emerging market destination for FPIs.
FPIs have been continuous buyers during the last twelve trading sessions. In May, through 12th, they bought equity for Rs 18617 crores (NSDL data).

Financials continue to be the favourite sector of FPIs. They were buyers in capital goods and autos too.
Since the rupee is strong and the dollar is expected to decline in the near-term, FPIs are likely to continue buying in India. The improvement in India’s macros also favour continued inflows into India.