Foreign Investment Flows – Equity Inflows Improve

26 Nov 2025 , 02:54 PM

At INR 58.2 billion, FII flows were strong in the week ending 21 Nov 2025. Robust equity inflows were the key driver, as the secondary market also witnessed inflows. Primary equity witnessed inflows of INR 36.72 billion, while secondary equity witnessed inflows of INR 16.76 billion, taking total equity inflows to INR 53.48 billion. On the other hand, debt witnessed a modest outflow of INR 8.6 billion. Overall, the week witnessed amongst the highest equity inflows in ten weeks, indicating a shift toward equities amid supportive macro cues.

FPI flows for the week ended 2025-11-21: INR 58.2 billion

FII inflows were positive for the seventh consecutive week. Indian markets recorded a strong net inflow of INR 58.18 billion from foreign investors. Equity was the main driver, with primary market purchases adding INR 36.72 billion and secondary flows contributing INR 16.76 billion, taking total equity inflows to INR 53.48 billion. Hybrid securities added INR 2.1 billion, and mutual-fund channels contributed INR 11.2 billion, while debt saw an outflow of INR 8.6 billion. This was among the highest inflows in the past nine weeks.

Figure: FPI/FII flows for the week ending 2025-11-21

 

Asset Class	Net Investment (INR Billions)
All_Foreign_Investors	58.18
All_Foreign_Investors.Debt	-8.6
All_Foreign_Investors.Equity	53.48
All_Foreign_Investors.Equity.Primary	36.72
All_Foreign_Investors.Equity.Secondary	16.76
All_Foreign_Investors.Mutual_Fund	11.2
All_Foreign_Investors.Hybrid	2.1
All_Foreign_Investors.AIF	0.0

Source: NSDL

 

Figure: Recent history of FPI flows

Week Ending	Net Investment (INR Billions)
21 Nov, 2025	58.18
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

Source: NSDL

 

Figure: History of FPI flows

Source: NSDL

 

FPI flows in Equity for the week ended 2025-11-21: INR 53.5 billion

Last week, FII equity flows turned positive at INR 53.5 billion. Primary-market inflows of INR 36.7 billion remained strong, while secondary-market buying added INR 16.8 billion, leading to the net inflow. This marks a clear rebound from the previous week, which saw an outflow of INR 59.2 billion, driven largely by secondary-market selling.

 

Compared with recent weeks, this is the strongest inflow since the early-October surge and a sharp improvement over the late-September outflow of –INR 157 billion. While primary demand continues to support the market, the return of positive secondary-market flows indicates easing selling pressure among foreign investors.

 

Figure: Recent history of FPI flows in equity

Week Ending	FPI.Equity	FPI.Equity.Primary	FPI.Equity.Secondary
21 Nov, 2025	53.5	36.7	16.8
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

Source: NSDL

 

Figure: History of FPI flows in equity

Source: NSDL

 

FPI flows in Debt for the week ended 2025-11-21: INR -8.6 billion

The latest weekly data shows a modest INR –8.6 billion outflow from foreign investors in Indian debt, reversing the strong INR 75.6 billion inflow seen in the previous week. Despite this dip, the broader trend remains positive, with eight of the last ten weeks recording net inflows.

 

Figure: Recent history of FPI flows in debt

Week Ending	Net Investment (INR Billions)
21 Nov, 2025	-8.6
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

Source: NSDL

Figure: History of FPI flows in debt

Source: NSDL