January has historically presented a challenge for Indian equities, with the Nifty index declining in eight of the last ten years. This trend is largely attributed to consistent selling by Foreign Institutional Investors (FIIs), who have been net sellers in seven of these Januarys. Despite these outflows, Domestic Institutional Investors (DIIs) have provided support by consistently buying equities, cushioning market declines. The average return over the past decade in January has been negative 0.5%.