Foreign portfolio investors have once again started increasing exposure to Indian equities amid a stable macroeconomic environment. Going against the commonly known strategy of “sell in May and go away”, FPIs invested nearly Rs48,838 crore ($5.3 billion) in May 2023 in Indian equities, the highest in nine months. In addition, their 12-month rolling net investment turned positive for the first time in 17 months to Rs74,974 crore in May.