After aggressively selling in September and the first half of October, foreign portfolio investors (FPIs) have turned net buyers of Indian equities, investing nearly $1.2 billion over the past 10 trading sessions. Concerns over the outlook for the AI trade could have prompted some overseas investors to shift allocations to beaten-down Indian equities, which have lagged behind various regional peers recently in the absence of a dominant AI industry. The recent purchases, however, may be positional flows looking for avenues that are less impacted by the AI sell-off rather than a fresh bullish call on India by global investors.