Foreign Investment Flows – Debt and IPOs Offset Heightened FII Caution

19 Nov 2025 , 11:33 AM

FII flows were positive but modest in the week ending 14 Nov 2025, amounting to INR 18.14 billion. Strong inflows into debt and a booming IPO market were the key reasons for the positive inflows. The inflows in debt were INR 75.6 billion, while the inflows in primary equity were INR 41.89 billion. Secondary equities, on the other hand, witnessed heavy outflows of INR 101.12 billion. Overall, the tone remained cautious due to weak global cues.

FPI flows for the week ended 2025-11-14: INR 18.1 billion

FII inflows were positive for the sixth consecutive week. Strong interest in IPOs and continued inflows into debt instruments offset outflows in secondary markets. Overall, Indian markets saw a net inflow of INR 18.14 billion from foreign investors. IPO activity was strong, and primary equity purchases added INR 41.89 billion. In addition, inflows into debt contributed to INR 75.6 billion. On the other hand, cautiousness was prevalent in the secondary market as FIIs withdrew INR 101.12 billion. In total, this resulted in a net equity outflow of INR 59.23 billion. Hybrid funds recorded a small redemption of INR 0.69 billion, while mutual fund flows were modest at INR 2.47 billion.

Figure: FPI/FII flows for the week ending 2025-11-14

Asset Class	Net Investment (INR Billions)
All_Foreign_Investors	18.14
All_Foreign_Investors.Debt	75.6
All_Foreign_Investors.Equity	-59.23
All_Foreign_Investors.Equity.Primary	41.89
All_Foreign_Investors.Equity.Secondary	-101.12
All_Foreign_Investors.Mutual_Fund	2.47
All_Foreign_Investors.Hybrid	-0.69
All_Foreign_Investors.AIF	0.0

Source: NSDL

 

Figure: Recent history of FPI flows

Week Ending	Net Investment (INR Billions)
14 Nov, 2025	18.14
07 Nov, 2025	10.89
31 Oct, 2025	43.61
24 Oct, 2025	11.51
17 Oct, 2025	167.29
10 Oct, 2025	71.71
03 Oct, 2025	-6.87
26 Sep, 2025	-182.63
19 Sep, 2025	129.4
12 Sep, 2025	27.4

Source: NSDL

 

Figure: History of FPI flows

Source: NSDL 

FPI flows in Equity for the week ended 2025-11-14: –INR 59.2 billion

Last week, FII equity flows turned negative at –INR 59.2 billion. Primary inflows of INR 41.9 billion were steady, but they were outweighed by secondary-market selling of INR 101.1 billion, leading to the net outflow. This marks a sharp reversal from the previous week’s INR 27.6 billion inflow, even though IPO activity remained firm.

Compared with recent weeks, this represents a sharper outflow. While primary inflows have continued to support the market, the current week reflects the biggest secondary-market selling since early October, highlighting caution among global investors.

Figure: Recent history of FPI flows in equity

Week Ending	FPI.Equity	FPI.Equity.Primary	FPI.Equity.Secondary
14 Nov, 2025	-59.2	41.9	-101.1
07 Nov, 2025	27.6	35.8	-8.2
31 Oct, 2025	-8.7	0.3	-9.0
24 Oct, 2025	5.3	1.0	4.4
17 Oct, 2025	67.1	45.9	21.2
10 Oct, 2025	60.8	48.7	12.0
03 Oct, 2025	-67.8	14.8	-82.6
26 Sep, 2025	-157.1	13.7	-170.8
19 Sep, 2025	29.4	11.5	17.9
12 Sep, 2025	25.0	1.4	23.5

Source: NSDL

Figure: History of FPI flows in equity

Source: NSDL 

FPI flows in Debt for the week ended 2025-11-14: INR 75.6 billion

The latest weekly data shows a strong INR 75.6 billion inflow from foreign investors into Indian debt, reversing the INR –18.9 billion outflow seen in the previous week. This is among the stronger inflows in the recent ten-week period. Overall, the trend remains positive, with eight of the last ten weeks registering net inflows.

Figure: Recent history of FPI flows in debt

Week Ending	Net Investment (INR Billions)
14 Nov, 2025	75.6
07 Nov, 2025	-18.9
31 Oct, 2025	52.0
24 Oct, 2025	3.6
17 Oct, 2025	81.8
10 Oct, 2025	5.9
03 Oct, 2025	58.9
26 Sep, 2025	-20.0
19 Sep, 2025	96.2
12 Sep, 2025	2.4

Source: NSDL

Figure: History of FPI flows in debt

Source: NSDL