Goldman Sachs has flagged 12 Indian stocks as medium-term alpha ideas even as it warns that the record $22 billion FII exodus from equities this year is unlikely to reverse quickly. FIIs have sold $22 billion worth of Indian equities so far in 2026, already surpassing last year’s $19 billion outflow and marking the deepest annual exodus in over two decades. On a rolling 250-day basis, the cumulative sell-off now stands at around $30 billion, close to the troughs seen during the 2022 global tightening cycle and the 2025 risk-off phase.