Mumbai, Oct. 21 -- The September 2026 gross SIP contribution at Rs.32,490 crore is a record. But even as the retail investor continues to buy, the foreign investor continues to sell. Are we missing something that the foreign investor can see? After all, FPIs have sold an aggregate of roughly Rs.2.6 lakh crore (Source: NSDL) this calendar year till September end, and domestic mutual fund equity oriented flows for the same period are positive at roughly Rs.2.73 lakh crore - certainly looks like the retail investor may be buying what the FPI is selling. But the larger picture lies in the details.

Equity market returns are volatile in the short term - the Nifty 50 index was down to its lowest close at 22,231 (October 8) in 18 months, around ...