Is it true? Year 2007-2009 this correlation was quite correct.

Offlate this is not happening .

Year 2018  till aug 27th Nifty has gone up by ~11% and FIIs have been net sellers for the year.Let me put the figures.

Fii is net seller 23k crs in Equity still nifty managed to scale up by ~11% .Slowly this dependence is reducing domestic money is getting bigger .No wonder MF inflows are creating records day by day.Still the equity penetration among indians is way less compared to western counterparts long way to go.