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SEBI and the top Indian exchanges, the National Stock Exchange of India Ltd (NSE) and BSE Ltd, did not respond to e-mails from Reuters.

India VIX was up by 1.16% from 10.98 to 11.10 levels on Friday. Volatility was slightly up but created momentum in the indices.

RSI or the relative strength index computes the ratio of the recent upward traction in the stock price movement relative to its absolute price movement.

"The valuations in the midcaps and smallcaps are not yet very cheap. One must be very selective and have a bottom-up approach while investing in this space. The major trends that are likely to play out strongly for India are in the mid and smallcap space and hence they still have the maximum potential. FIIs are also increasing their stock coverage in this space, adding more depth to the markets. So, one should be cautiously optimistic."

Retail sales the following day will also provide more information on the state of demand in the U.S. economy, which has shown signs of resilience in the face of high borrowing cost.

Reflecting the mixed global sentiments on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade, the Indian market is mired to a range bound trend, says Vinod Nair, Head of Research at Geojit Financial Services.

The U.S. dollar index hovered below its post-payrolls-report high of 106.01, reached on Friday, last trading little changed around 105.80.

Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in ₹1.74 lakh crore during the period.

Abhijit Joshi, managing partner at Veritas Legal said a scheme, once approved by all the authorities, should typically proceed subject to the conditionalities as per the scheme. "Typically, there is a lag between the approval from the court or tribunal and the effectiveness of the scheme. The scope of withdrawal will be limited and will depend on conditionalities to its effectiveness under the provisions of the scheme," he said.