Despite worries about increasing interest rates, the Indian markets surpassed projected performance in April, thanks to favorable macroeconomic indicators and a decrease in valuations that attracted a significant influx of $1.13 billion in equity flows. Sensex and Nifty emerged as top performers among major global equity markets for the month. Deepak Jasani, Head of Retail Research at HDFC Securities, was quoted by Moneycontrol as saying, "India seems to be back in favour in April 2023 as far as FPI flows are concerned". The increase in risk appetite worldwide, particularly in emerging markets, on expectation of interest rate hikes and Indian macro numbers continuing to be better than expected , is a possible reason behind this growth, according to Dasani. Foreign institutions purchased $1.13 billion in local shares in April, making it the second straight month when the FIIs turned net buyers. FII trimmed their net selling by $1.83 billion from $4.3 billion in February 2023.
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