LIC to buy shares worth Rs. 40,000 cr in current fiscal

State-run life insurer, Life Insurance Corporation (LIC), will go shopping for 30% more shares this fiscal as compared to last year. India's largest insurer will buy shares worth Rs 40,000 crore in the current financial year, said reports.
Is the move planned to counter the impact of recent FII outflows from Indian equity markets? For LIC like other investors this is the right time as valuations are cheap owing to recent burnout in the market largely emanating from weak macro-economic scenario in the country. 

Equity markets in emerging economies have witnessed flight of hot money back to United States as growth returned to world's biggest economy and equity markets.
FIIs have sold shares worth around $1.7 billion in the last five weeks, but net inflows remain positive during the current calendar year.