India’s army of over 100 million retail investors has become a shield against sharp stock declines while also ensuring ample liquidity. Despite the ongoing slide, retail investors continue to pour record amounts into monthly investment plans. Inflows into such plans hit 264 billion rupees ($3 billion) in January, even as the main NSE Nifty 50 Index extended its losses for the fourth straight month. The Reserve Bank of India was said to have stepped in to curb speculation this week, with some traders estimating that authorities intervened to the tune of $11 billion over two days. Analysts, however, don’t expect the central bank to continue to offer support on a similar scale as the focus will shift to policy easing and boosting financial-system liquidity. India’s inflation eased to a five-month low in January, data showed Wednesday, bolstering hopes of more rate cuts in the coming months. Looking ahead, the currency may come under pressure as the dollar remains supported amid a slower pace of US interest-rate cuts. Foreign investors have pulled about $10 billion from Indian equities this year after slower economic growth and weak corporate earnings added to their concerns. The dollar-rupee risk reversals — the premium to protect against dollar strength in the options market — have seen an easing.