New Delhi, March 3 -- The ongoing buying and selling battle between foreign and domestic institutional investors is not just routine stock selection - it reflects a deeper shift in market dynamics.

For the retail investor, though, while there are certainly pockets of opportunity in this tussle, they tread with caution.

"The approach of FIIs towards Indian equities will continue to be guided by certain priorities, like Indian equities' valuations in relation to earnings growth," says P Krishnan, Managing Director & Chief Investment Officer - Equity Asset Management at Spark Asia Impact Managers.

Other factors include how Indian stocks compare vis-a-vis other avenues for FPIs, in particular other emerging markets and finally whether the ...