Ila Patnaik and I recently did a paper on the broad subject of capital flows. It's a `background paper' for a World Bank project, and catering to the needs of the project has meant that it's a bit diffused. Ila wrote about this in Financial Express today.
The paper does three new things. First, it does a new classification of India's debt position, and finds that things are quite different from what we have traditionally thought. Second, it sniffs at daily data on FII inflows to look for lead/lag relationships with Nifty. Third, it does a preliminary examination of firm level data on the determinants of FII ownership. There are a few other interesting components of the paper, if you are interested in the broad subject of international economics and finance.