Indian Market Losing Momentum?

Indian markets seem to be losing momentum. Over last 3 months, performance of Indian equity markets has been quite ordinary compared to global markets (see chart below).

This could spell trouble in terms of FII flows. If new FII money doesn't come in, or worse, money flows out, then we are looking at a steep correction -- maybe a 15-20% kind of correction (which is around 3000 points at current levels) is in order if the market is start running again.

But if the Indian economy grows at 8-9%, it is hard to see a steeper correction.