Foreign Portfolio Investors (FPIs) have bought equities worth $1.7 billion in the three months to June, the best inflows in last five quarters, data compiled from Bloomberg showed. The buying by foreign funds, supported by purchases of domestic funds, resulted in a smart rally in stocks with the Sensex putting on 6.5%. However, while local funds have been buyers, the quantum of purchases of Rs 3,319 crore was the smallest in the last five quarters. In 2016 so far, Sensex has gained 4.02% or 1,049.33 points while the broader Nifty50 has added 4.90% or 389.60 points. India has attracted the most foreign money after South Korea which pulled in $2.5 billion. At the other end of the spectrum, Thailand received the smallest foreign inflows at $494.53 million less than Brazil which pulled in $609 million. Foreign fund flows during the same period in the corresponding year of 2015 were a much smaller $184 million, partly because investors were spooked by the prospect of GAAR (General Anti Avoidance Rules) being implemented with retrospective effect. In 2015, domestic funds had supported the markets with heavy purchases to the tune of R70,000 crore. Apart from Life Insurance Corporation (LIC), which is the single-largest investor in equity markets, mutual funds were also buyers following strong inflows into equity schemes. According to Association of Mutual Funds in India (AMFI), inflows into equity schemes, which include equity linked saving schemes (ELSS), stood at Rs 96,000 crore. The three months ending September 2015 saw the highest quarterly outflows in 2015 with foreign investors selling Indian equities worth $2.58 billion; in the quarter ended March 2015, India pulled in close to $6 billion.