What factors could influence FII buying behaviour in Indian equities?

An FII who invested in Indian equities at the start of 2024 and exited in early 2025 with a modest Sensex gain would have earned barely 0.61% in dollar terms after rupee depreciation - against US 10-year bond yields that were above 4.5% through much of 2024, and remain at 4.08% as of February 2026.