Surprisingly, despite the sharp decline in the Dollex indices, net FII outflow ($380 million) from the Indian equity market was negligible in 2011. This was in contrast to 2008 when the underperformance of the Dollex indices (61 per cent dip in Dollex 30 compared with the 52 per cent dip in Sensex) coincided with net FII outflow of as much as $13,000 million.
