Inflows into funds that invest in Mumbai-listed shares totaled about $638 million in the five days to July 14, while those buying Chinese equities received $223 million.
The benchmark Sensex rose to a record high on Monday, extending its gains from late March to 16% in both rupee and dollar terms.
Concerns about China deepened after the world’s second-biggest economy reported quarterly growth below estimates.
With Beijing underscoring its resolve to provide only targeted support, and avoid a broader stimulus, the nation’s equity outlook remains clouded.
Meanwhile, domestic consumer demand and a pause in interest-rate hikes are seen driving a 7% growth for India this year, about 1.5 percentage points faster than China’s and the quickest among major economies.