In the past week, exchange-traded funds (ETFs) and mutual funds experienced their largest year-to-date outflows, totaling $9 billion, primarily driven by a $20 billion outflow from the U.S. markets. In contrast, emerging markets, global, European, and Japanese funds saw inflows. Additionally, foreign investors have invested nearly ₹31,000 crore in Indian equity markets over the last six trading sessions, attributed to attractive valuations and macroeconomic improvements. This marks a turnaround for foreign portfolio investors (FPIs), who shifted from three months of selling to a buying spree in the latter half of March, with dedicated inflows reaching a six-month high of $419 million. Despite 11 consecutive weeks of redemptions totaling $3.6 billion, the renewed interest in Indian equities is bolstered by expectations of continued recovery ahead of the upcoming earnings season. In the U.S., sector rotations are evident, with inflows into energy and utilities, while large and small caps experience outflows. The largest absolute ETF flows over the past week include $VOO with -$20.2 billion and $SPY with -$8.5 billion.