New Delhi, June 12 -- Foreign portfolio investors (FPIs) have flocked back to Indian equities after a spate of massive selling. FPIs were buyers of Indian stocks for the third consecutive month in May, investing Rs.27,000 crore in April-May, according to National Securities Depository Ltd data. But will they stay? It depends.

In June so far, FPIs have been buyers of Indian stocks worth Rs.2,480 crore. However, this fund inflow momentum may face near-term turbulence.

"For the next one month, we expect FPI flows into Indian equities to remain volatile," said Shrikant Chouhan, head of equity research at Kotak Securities Ltd. So far, in June, FPI flows into emerging markets have been mixed.

Brazil, Philippines, South Korea, and Vietnam wit...