FPI net sell $426 Million in Indian equities in November 2025

18 Dec 2025 , 10:42 AM

FPIS NET SELL $426 MILLION IN NOVEMBER 2025 

In a sense, FPI outflows of $426 Million in November was disappointing, as it comes after the $1.65 Billion infusion by FPIs in October. Prior to October, FPIs were net sellers to the tune of $9.8 Billion in Indian equities between July and September. Buying in October was led by BFSI and oil & gas. In November 2025, FPIs were strong net buyers in telecom, oil & gas, and capital goods; but heavily sold in consumer facing and dollar sensitive sectors. FPIs net sold $685 Million in the first fortnight; and bought $259 Million in the second fortnight.  

Why did the FPI buying suddenly freeze in November, after the sultry spring of October buying? There were several reasons. If you look at Q2FY26 results, sales boost came from pricing rather than volumes. Also, the USDINR hovering at around ₹90/$ is not making FPIs too comfortable as it is impacts their dollar returns. FPIs have also been concerned about delays in the signing of the Indo-US trade deal. To add to their concerns, fiscal deficit looks set to spill beyond 4.4% of GDP. Also, the Q2 real GDP growth has been more about low inflation and less about robust nominal growth. 

FPI AUC FLAT IN NOVEMBER 2025 

FPI equity AUC was flat in November 2025; with FPI equity AUC and the FPI overall AUC still well below their September 2024 peak levels. 

Industry  Group	FPI AUC (Nov-25) ($ Billion)	FPI AUC (Oct-25) ($ Billion)
Financials (BFSI)	266.37	261.82
Automobiles and Auto Components	63.90	63.13
Oil & Gas	62.82	60.87
Information Technology (IT)	57.95	58.08
Healthcare and Pharmaceuticals	54.46	54.69
Capital Goods	46.78	45.03
Telecommunications	45.13	42.70
Fast Moving Consumer Goods (FMCG)	41.74	43.37
Consumer Services	33.65	35.85
Power (generation and transmission)	26.10	28.16
Metals and Mining	25.44	26.62
Consumer Durables	21.12	21.09
Services	20.05	19.68
Construction	15.21	15.48
Realty	14.72	15.61
Chemicals	14.47	14.81
Cement	12.88	13.68
Top 17 Sectors	822.78	820.67
Other 6 sectors	10.92	10.69
Total FPI AUC	833.70	831.36

Data Source: NSDL 

These are the top 17 sectors with FPI AUC above $10 Billion as of October 2025. Out of the 23 sectors identified by NSDL, AUC of top-17 sectors accounted for 98.7% of total FPI equity AUC of $833.70 Billion. Here are the drivers of AUC change in November 2025? 

The sectors with highest MOM accretion in AUC were; Telecom (5.7%), Capital Goods (3.9%), Oil & Gas (3.2%), Services (1.9%), and BFSI (1.7%). AUC depletion was seen in Power (-7.3%), Consumer Services (-6.1%), Cement (-5.9%), Realty (-5.7%), and Metals (-4.4%). 

TELECOM AND OIL LEAD FPI BUYING IN NOVEMBER 2025 

Here are the major sectors with positive FPI flows in November 2025. 

FPI Net Buying  in Sectors	H1-Nov-25  ($ Million)	H2-Nov-25 ($ Million)	Nov-25 ($ Million)
Telecommunications	+1,061	+549	+1,610
Oil & Gas	+337	+467	+804
Capital Goods	+89	+191	+280
Others	+163	+22	+185

Data Source: NSDL 

We must not read too much into telecom buying as it was FPI block absorption of the selling in Bharti Airtel by SingTel. Oil & gas continues to be led by Reliance Industries. However, low crude oil prices, combined with steady market price realization for petrol and diesel have made OMCs interesting. Buying in capital goods was more of select buying on hopes of higher capex outlays by government to boost nominal growth. 

CONSUMERS AND DOLLARS: THE SELL SIDE STORY 

Here is a sectoral break-up of FPI net outflows from Indian equities in November 2025. 

FPI Net Selling  in Sectors	H1-Nov-25  ($ Million)	H2-Nov-25 ($ Million)	Nov-25 ($ Million)
Information Technology (IT)	-549	-103	-652
Fast Moving Consumer Goods (FMCG)	-230	-304	-534
Consumer Services	-329	-120	-449
Financial Services (BFSI)	-230	-127	-357
Power	-283	-12	-295
Healthcare	-285	+83	-202

Data Source: NSDL 

Once again, there were 2 themes on the sell side. Firstly, there are the pure consumer plays like FMCG and consumer services. Here it is more about weak volumes and pressure from GST cuts. Then the tariff overhang and the visa concerns have taken its toll on sectors like Healthcare and IT. The selling theme has remained static for the last 3 months. 

WILL FPI FLOWS MAKE A COMEBACK IN DECEMBER 2025? 

That remains the million-dollar question. Since 2018, FPIs have been net buyers in Indian equities in all years except in 2021. However, this time, the rupee is fairly volatile at ₹90/$ and the selling in the NDF market as well as domestic hedging demand have been relentless. That will keep FPIs cautious. Also, some of the macro data points like weak IIP growth and high trade deficit will keep FPIs in caution mode. 

There is also an optimistic side to it. The latest RBI policy has made a big wager that a strongly dovish policy statement should turn the tide of flows. Also, the outlook for GDP growth and inflation hints at more rate cuts. In the past, a dovish stance has enticed FPI flows in a big way. Whether that will repeat; remains the million-dollar question!