For most of the past two years, a comforting story has taken hold in India's stock market. Foreign portfolio investors (FPIs) have sold relentlessly, yet share prices have held up. Domestic mutual funds (DMFs), fuelled by a torrent of money into systematic investment plans (SIPs), have stepped in as buyers of last resort. The implication is clear: India no longer depends on fickle foreign capital. Retail investors have arrived, absorbed the shock, and stabilised the market. The numbers appear to support the claim. Since September 2024, FPIs have been heavy sellers, culminating in record net outflows of $19.6 billion in 2025-26 (FY26). Domestic institutional investors, meanwhile, bought nearly $96 billion worth of equities.