New Delhi, April 14 -- Foreign portfolio investors (FPIs) have pulled nearly Rs.1.8 trillion out of Indian equities in FY26 - the largest outflow in 34 years.

At first glance, that headline sounds alarming. But for long-term investors, it may signal opportunity rather than danger. History suggests such phases have often been among the better entry signals India has offered in the past decade.

Markets are moved by two forces: fundamentals and sentiment.

In bull cycles, the two reinforce each other. In corrections, they diverge - and it is precisely in that divergence that patient capital finds its edge.

What India is witnessing today is not a fundamentals crisis. It is a sentiment crisis, imposed on a structurally sound economy by a ca...