New Delhi, June 14 -- Indian benchmark indices are down about 10-11% this calendar year owing to several factors such as the West Asia war and resultant rise in oil prices, the weak rupee, and global capital chasing the AI theme.

Foreign institutional investors (FIIs) have sold over $30 billion worth of Indian equities so far this year (as of 11 June). As foreign ownership is concentrated in large caps, that segment has absorbed most of the selling pressure. This fund managers said, has created an opportunity in large cap stocks.

"Many high-quality businesses are trading at valuations that appear to reflect sustained technical FII selling pressure rather than any deterioration in underlying fundamentals," said Neelesh Surana, chief inve...