Spring on Dalal Street

In the last five weeks, Indian stock markets have seen a spectacular recovery. The indices have swung up over 15 per cent. This rise has been driven by a shift in the attitudes of foreign institutional investors (FIIs), who have, since January 1, 2012, bought a net $3.4 billion of Indian stocks (and put a slightly larger amount into rupee debt). In contrast, domestic institutional investors have been net sellers.

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