FIIs continue to be most aggressive in India: Citi

Aditya Narain, Citi says India's equity market remains a foreign show: USD 335 billion current foreign ownership, 23 percent stake in top 500 companies. "But we are seeing a domestic dawn with MF flows matching foreign ones, rising share of equities in retail MF wallet and a possible bottoming in insurance outflows," he adds.

"While FIIs continue to be the most aggressive, they all get a more cyclical bias. FIIs in October-December 2014 built on banks and scaled back on IT, pharma and staples. Domestics played cyclicals through industrials and materials, but cut banks," Narain says.