FIIs have been selling Indian equities in record amounts for nearly 18 months while promoters, PE funds, and early investors are using IPOs and block deals to exit, which usually means smart money is monetizing at high valuations. India looks strong on GDP numbers, but markets trade on profits, capital flows, and valuations, and on those metrics India has become expensive compared to other emerging markets while global investors can earn 5%+ risk-free in the US. Domestic SIP and mutual fund flows are masking this selling, preventing a crash, but they don’t set prices the way global capital does. This disconnect explains why indices are going nowhere despite “strong growth,” and why future returns may be more stock-specific and volatile rather than a broad bull run. I might be wrong, only the market will tell.