Calendar 2023 so far has seen volatile markets and a sequence of unusual market-related events. Investors are turning increasingly cautious because of rising interest rates, high inflation, and projections of slower growth. In nominal terms, the benchmark Nifty has given a positive return over the last 12 months, but it has seen steady erosion in valuations. There has been sustained selling by foreign portfolio investors (FPIs). Domestic investors (both institutional and retail) have been net buyers, but there are signs that retail investors are now seeking alternative investment avenues. In 2021-22 and 2022-23 (till February 28) FPIs have been net