Foreign Portfolio Investors (FPIs) have turned net buyers in the Indian equity market after a period of outflows, injecting substantial capital over recent sessions. On April 17, FPIs purchased shares worth ₹4,667.94 crore, contributing to a total net inflow of approximately ₹14,670 crore over a short span. Despite net outflows of ₹23,103 crore in April and ₹1.4 lakh crore since the start of 2025, FPIs infused around ₹8,500 crore during a holiday-shortened week and ₹10,824 crore over two days, signaling renewed interest in Indian stocks. The Indian banking sector has emerged as a safe haven amid an earnings-heavy week, with shares of lenders reaching record highs due to their relative insulation from tariff-related disruptions. This sectoral strength, coupled with better-than-expected earnings and a weakening U.S. dollar—whose index slipped from 110 to near 98.6—has propelled Indian benchmark indexes to their largest five-day gains since February 2021. The rupee has extended its winning streak against the dollar, supported by falling forward premiums. India's receipt of tariff concessions, unlike China, has provided exporters with a short-term advantage, further bolstering investor sentiment and foreign institutional buying in the capital markets.