BT MindRush 2021: FPI inflows, corporate earnings driving up market, says IIFL Chairman Nirmal Jain BT MindRush 2021: India received "disproportionately large" amount of foreign portfolio flow in 2020 and this has continued till now in 2021 as well. Besides, he said, most of the emerging markets, except China, reported outflow during the period BusinessToday.In | January 23, 2021 | Updated 15:18 IST The rebound being witnessed in the Indian economy and corporate earnings, along with fund inflows from foreign portfolio investors (FPIs), is driving the stock markets higher even as the economy is disrupted by the COVID-19 pandemic, IIFL Group Chairman and Founder Nirmal Jain said. Speaking at a Business Today MindRush session -- 'Stock Markets: The Dichotomy', Jain said the stock market behaves independently in the short-term, but follows economic growth and corporate earnings in the long-term.