How has the FPI flows into India been like in April? Are they still selling or has the situation improved?

Yes, FPIs are still selling in equity and debt but it is nowhere as bad as it was in the month of March 2020. For example, in the first 3 weeks of April, foreign portfolio investors have pulled out Rs.10,347 crore from the Indian markets. This includes an outflow of Rs.6822 crore from equities and Rs.3525 crore from debt. Of course, the pace of selling has come down substantially compared to March, when FPIs sold close to Rs.120,000 crore in equity and debt put together. This represents an all time record for a single month of selling from the time FPIs were first permitted into India in 1992. The message appears to be that the COVID-19 pandemic and the expected slowdown in growth continue to be an overhang but the worst may be factored in. For debt, it is getting some response from a weak rupee and bets that RBI will intervene and strengthen the rupee.