Weekly Musings – FPI flows for week ended July 25, 2025

28 Jul 2025 , 11:09 AM

IT WAS A MIXED WEEK FOR FPI FLOWS

FPIs were net sellers in the previous week to 18-Jul to the tune of $(1,090) Million; after they had infused $2.63 Billion in the three weeks prior to that. In the latest week to July 25, 2025 FPIs were marginal net sellers in equity to the tune of $(113) Million. During the week, FPIs were net sellers on 3 days and net buyers on 2 days; making it a rather neutral week.

During the week, the dollar index dipped further to 97.67 levels. Despite that, the USDINR weakened sharply to ₹86.46/$ during the week. Brent Crude struggled to break above the $70/bbl mark and closed the week at $68.44/bbl. Meanwhile, even as the Indo-US deal remains elusive; markets got a late boost from the Indo-UK trade deal.

MACRO FPI FLOW PICTURE UP TO JULY 25, 2025

The table captures monthly FPI flows into equity and debt for last 4 calendar years.

Calendar Month	FPI Flows Secondary	FPI Flows Primary	FPI Flows Equity	FPI Flows Debt/Hybrid	Overall FPI Flows
Calendar 2022 (₹ Crore)	(146,048.38)	24,608.94	(121,439.44)	(11,375.78)	(132,815.22)
Calendar 2023 (₹ Crore)	1,27,759.75	43,347.14	1,71,106.89	65,954.38	2,37,061.27
Calendar 2024 (₹ Crore)	(1,21,210.21)	1,21,637.15	426.94	1,65,342.98	1,65,769.92
Jan-2025 (₹ Crore)	(81,903.72)	3,876.78	(78,026.94)	815.91	(77,211.03)
Feb-2025 (₹ Crore)	(41,748.97)	7,174.62	(34,574.35)	10,273.72	(24,300.63)
Mar-2025 (₹ Crore)	(6,027.77)	2,055.16	(3,972.61)	36,953.97	32,981.36
Apr-2025 (₹ Crore)	3,243.03	980.28	4,223.31	(24,413.24)	(20,189.93)
May-2025 (₹ Crore)	18,082.82	1,777.41	19,860.23	11,089.48)	30,949.71
Jun-2025 (₹ Crore)	8,466.77	6,123.51	14,590.28	(22,153.36)	(7,563.08)
Jul-2025 (₹ Crore) #	(20,262.95)	13,759.86	(6,503.09)	8,607.89	2,104.80
Total for 2025 (₹ Crore)	(1,20,150.79)	35,747.62	(84,403.17)	21,174.37	(63,228.80)
For 2025 ($ Million)	(13,780.44)	4,147.75	(9,632.69)	2,368.12	(7,264.57)
# – Recent Data is up to July 25, 2025

Data Source: NSDL (Net Outflows in brackets)

Overall FPI flows for 2025 are still negative at $(7,265) Million. This comprised $(9,633) Million of net selling in equities, offset by $2,368 Million of net buying in debt. Within equities, secondary market selling was to the tune of $(13,781) Million; offset by IPO buying of $4,148 Million. IPO flows supported equity FPI flows, while debt flows are still positive.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to July 25, 2025, FPIs were net sellers in equities worth $(113) Million. These were the key market drivers.

• Even as the Indo-US trade deal stayed elusive; India and UK signed the Comprehensive Economic & Trade Agreement (CETA). This gives zero duty access to 95% of Indian agri-products in the UK markets. Indo-UK trade is expected to grow three-fold by 2032.
• The mega IPO of NSDL is finally slated to open on August 30, 2025 to raise ₹4,012 Crore. CDSL, has been listed for last 8 years. The NSDL IPO will entirely be an offer for sale (OFS); with NSE, IDBI Bank, SBI, SUUTI, and others; taking an exit.
• India core sector growth for June 2025 improved slightly to 1.71%, but for the June quarter, the core sector growth stayed subdued at 1.34%. Positive push came from steel and refinery products, while coal output came under stress due to extended monsoons.
• Tata Sons to create Hospitality Assets Platform; wherein it will acquire and develop properties and give it to Indian Hotels to run these hotels. This will make Tata Sons an active business incubator, while Indian Hotels runs an asset-light model.
• Bank net interest margins (NIMs) took a hit in Q1FY26 with HDFC Bank and ICICI Bank seeing NIM compression of 11 bps and 7 bps respectively. The 100 bps rate cut created a timing gap; wherein loans adjusted immediately but deposits catch up with a gap.

Let us turn to the granular FPI flow story in last 4 weeks.

DAILY FPI EQUITY FLOWS FOR LAST 4 ROLLING WEEKS

Here is the last 4 rolling weeks data on FPI flows in rupee terms and in dollar terms.

Date	FPI Flow (₹ Crore)	Cumulative flows	FPI Flow($ Million)	Cumulative flows
30-Jun-25	5,674.78	5,674.78	663.26	663.26
01-Jul-25	829.62	6,504.40	96.98	760.24
02-Jul-25	1,105.52	7,609.92	129.12	889.36
03-Jul-25	-747.11	6,862.81	-87.19	802.17
04-Jul-25	-2,608.57	4,254.24	-305.05	497.12
07-Jul-25	691.97	4,946.21	81.04	578.16
08-Jul-25	2,771.19	7,717.40	322.93	901.09
09-Jul-25	284.23	8,001.63	33.16	934.25
10-Jul-25	672.20	8,673.83	78.35	1,012.60
11-Jul-25	839.75	9,513.58	98.13	1,110.73
14-Jul-25	-4,495.01	5,018.57	-523.57	587.16
15-Jul-25	-789.32	4,229.25	-91.79	495.37
16-Jul-25	-173.63	4,055.62	-20.23	475.14
17-Jul-25	-1,040.59	3,015.03	-121.27	353.87
18-Jul-25	-2,864.12	150.91	-333.36	20.51
21-Jul-25	781.85	932.76	90.70	111.21
22-Jul-25	-1,084.36	-151.60	-125.76	-14.55
23-Jul-25	4,618.07	4,466.47	535.38	520.83
24-Jul-25	-3,299.28	1,167.19	-382.01	138.82
25-Jul-25	-1,995.50	-828.31	-231.15	-92.33

Data Source: NSDL

• In previous 7 weeks, FPIs saw net outflows of $(1,090) Million, net inflows of $614 Million, $497 Million, $1,522 Million, $130 Million, $391 Million; and net outflows of $(1,025) Million. The week to July 25, 2025, saw net FPI selling of $(113) Million.
• In last 4 rolling weeks, total net FPI outflows from equities were ₹(828) Crore or $(92) Million. Debt market flows continued to be positive in July 2025.

In the coming week, FPI flows will react to specific data points. While the Indo-UK deal will be a force multiplier, the Indo-US deal would be the big act. FPIs will be focused on outcome of the US Fed meet on 30-July, where 25 bps rate cut is on the cards. India will also see June IIP and fiscal deficit update next week. Markets await August 01 deadline with bated breath!