The first signs of foreign portfolio investors (FPI) returning to Indian markets may already be emerging. On May 18, 2026, FPIs were net buyers of Rs 2,813.69 crore in the equity cash market after US President Donald Trump paused fresh strikes on Iran and crude prices eased sharply. While one session does not make a trend, it highlights how quickly market sentiment can shift when key global triggers reverse. But as the saying goes, we cannot miss the forest for the trees. Foreign portfolio investors have pulled out over Rs 2.1 lakh crore from Indian equities in barely four months, a scale of selling described as the worst since foreign portfolio investing in India was permitted in 1993. And with May barely half done, the exodus shows no signs of stopping.