Divya Delhi: The steady FII inflows of 23800 so far this month have driven the Indian market surge, according to Geojit Investments Chief Investment Strategist VK Vijaya Kumar. With 14018 crores of institutional buying (FIIs + DIIs), the market fell last trading day, which seems odd. FIIs are shorting derivatives more. So expect more volatility.” The rapid surge in defense equities is a significant market trend, he continued. This segment offers good medium- to long-term prospects, but their valuations are high, so investors must be cautious. Some profit booking in this category is appropriate.”