Foreign Investment Flows – First Weekly Outflow In 2 Months.

4 Dec 2025 , 01:23 PM

At INR -24.68 billion, FII flows turned negative for the week ended 28 Nov 2025. Outflows from equity segment was the key drag, as primary inflows of INR 4.83 billion were outweighed by secondary outflows of INR 23.32 billion, resulting in a net equity outflow of INR 18.49 billion. Debt saw a moderate outflow of INR 8.03 billion, while hybrid posted a marginal outflow of INR 0.30 billion. Mutual funds recorded inflows of INR 2.11 billion, and AIFs added INR 0.03 billion.

FPI flows for the week ended 2025-11-28: INR -24.7 billion

FII flows turned negative after seven consecutive weeks of inflows, with Indian markets recording a net outflow of INR 24.68 billion. Equity was the key drag, as primary market purchases added INR 4.83 billion while the secondary market witnessed a sharp outflow of INR 23.32 billion, taking total equity flows to a net outflow of INR 18.49 billion. Hybrid securities recorded a marginal outflow of INR 0.30 billion. Among all segments, only mutual funds recorded inflows of INR 2.11 billion. AIFs contributed a marginal INR 0.03 billion, while debt witnessed a moderate outflow of INR 8.03 billion. This marked the first weekly outflow after one of the longest runs of inflows.

Figure: FPI/FII flows for the week ending 2025-11-28

Asset Class	Net Investment (INR Billions)
Foreign_Investors	-24.68
Foreign_Investors.Debt	-8.03
Foreign_Investors.Equity	-18.49
Foreign_Investors.Equity.Primary	4.83
Foreign_Investors.Equity.Secondary	-23.32
Foreign_Investors.Mutual_Fund	2.11
Foreign_Investors.Hybrid	-0.3
Foreign_Investors.AIF	0.03

Source: NSDL

Figure: Recent history of FPI flows

Week Ending	Net Investment (INR Billions)
28 Nov, 2025	-24.68
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

Source: NSDL

Figure: History of FPI flows

FPI flows in Equity for the week ended 2025-11-28: INR -18.5 billion

Last week, FII equity flows turned negative at INR -18.5 billion. Primary-market purchases added INR 4.8 billion, but heavy secondary-market selling of INR 23.3 billion dominated, resulting in the net outflow. This marks a reversal from the previous week’s strong inflow of INR 53.5 billion, which was supported by both primary and secondary buying.

Compared with recent weeks, the current outflow reflects renewed pressure after intermittent volatility through November. While primary demand remains positive, persistent secondary-market selling continues to dictate the overall direction of FII equity flows, indicating cautious sentiment amongst FIIs.

Figure: Recent history of FPI flows in equity

Week Ending	FPI.Equity	FPI.Equity.Primary	FPI.Equity.Secondary
28 Nov, 2025	-18.5	4.8	-23.3
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

Source: NSDL

Figure: History of FPI flows in equity

FPI flows in Debt for the week ended 2025-11-28: INR -8.0 billion

The latest weekly data shows a modest INR 8.03 billion outflow from foreign investors in Indian debt, extending the previous week’s outflow of INR 8.6 billion. This marks the second consecutive week of outflows after a strong inflow phase through October.

Figure: Recent history of FPI flows in debt

Week Ending	Net Investment (INR Billions)
28 Nov, 2025	-8.0
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

Source: NSDL

Figure: History of FPI flows in debt