A fable of elephants and horses that bulls and bears of India’s stock market don’t want told aloud

Foreign merchants, our Y, have pulled out about ₹3.4 trillion from Indian equities on a net basis in 15 months; over ₹1.1 trillion in the last month itself. Domestic institutions, our X, absorbed nearly all of it, deploying nearly ₹6.7 trillion in the same window, backstopped by a systematic investment plan (SIP) engine collecting upward of ₹25,000 crore from retail investors every month. The Nifty 50’s top 10 constituents, its tuskers and horses, still command nearly 45-50% of this index’s weight.