In all this FII DII figures one thing we forget is that non institutional investors are pouring in Rs. 200 - 1000 crores each day, since last 12 months... not to mention that DII money is also indirectly the money from NIIs itself... sustainability questions aside, there is huge, huge stakes for NIIs... Just to give one some perspective, this is the same amount of money that FIIs or DIIs used to invest just a year before lockdown...
On NSE website, they publish their monthly newsletter, it's called NSE pulse
Have a look, it has tons of info and you can see how RII have become influential too
FII selling is also and effect of portf risk and balance, if say 5% is allocated to India and the rest tank like they did, it naturally affects ours.
Inspite of everything including the kitchen sink thrown at the mkt, 16k means exceptional resilience
They also know they'll have to buy back at higher rate, and index tgt will be 20k