FPI inflows, Nov. 1 -- In a positive sign for the Indian equity market, foreign portfolio investors (FPIs) finally made a comeback on Dalal Street in October. FPIs net purchased $1.65 billion worth of Indian stocks after remaining net sellers for three months.

Valuation comfort following moderation in the Indian equity markets and improvement in earnings, along with the domestic growth story, fueled FPI buying this month.

G Chokalingham, founder, Equinomics Research, said the recent GST rate rationalisation has been a key driver that is driving the India growth story.

The impact is already visible in the auto sales figures, with Tata Motors Passenger Vehicles (TMPV) reporting sales of 74,705 units, M&M 66,800 units and Hyundai 65,045 u...