Sensex is at 16,000. The rest is FII flab

Screaming headlines and breathless market commentary about the Sensex's alltime highs have dominated discourse on the markets in recent weeks. While most experts have focused on surging overseas investor flows as the main driver — although corporate performance and a rebound in some sectors have also played a part — the absolute control that FIIs have come to exert on the market is perhaps not so well-understood.

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