New Delhi, April 10 -- Foreign investors have long been seen as a key force behind India's stock market rallies. But recent market conversations suggest that their enthusiasm may be cooling.

A comment from Zerodha co-founder Nithin Kamath, based on feedback from an industry participant, points to a growing caution among global investors when it comes to allocating fresh capital to Indian equities.

The observations come at a time when domestic markets have delivered strong returns in recent years, driven largely by robust participation from retail investors and domestic institutional investors (DIIs). However, foreign flows-historically a key driver of market momentum-appear to be facing headwinds.

According to data from NSDL, FPIs offl...