News Summary

• Foreign investors are cautiously returning to Indian equities, but a durable FPI reallocation remains unconfirmed.
• HSBC Mutual Fund’s Venugopal Manghat highlights improving earnings, stable domestic demand and manufacturing growth.
• Sustained foreign inflows will depend on earnings delivery, rupee stability, global liquidity, and India's relative emerging-market valuations.
• Investors need to see stronger earnings growth and a reasonably stable rupee before treating the revival in foreign infl flows as structural.