Weekly Musings – FPI flows for week ended November 07, 2025

10 Nov 2025 , 11:04 AM

FPIS NET SELLERS ON ALL 4 TRADING DAYS

It was an irony of sorts. FPIs just concluded October 2025 with net inflows of $1.65 Billion. In contrast, the first week of November saw net FPI selling of $(1,417) Million. Even IPO flows were subdued during the week, but secondary market selling was quite strong as FPIs pared positions at higher levels in the market. Amid the US shutdown, FPIs are being cautious about investing in emerging markets.

Dollar index faced resistance at 100 levels and closed the week at 99.60. The RBI heavily defended the rupee around ₹89/$ levels, resulting in the USDINR closing at ₹88.67/$ levels. The rupee was under pressure due to hedging demand. Brent Crude tapered to $63.63/bbl amid demand concerns. Spot gold closed the week, just below $4,000/oz. Silver remained rangebound around $48.50/oz, in the absence of triggers.

MACRO FPI FLOW PICTURE UP TO NOVEMBER 07, 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)	(31,988.32)	14,247.74	(17,740.58)	12,202.89	(5,537.69)
Aug-2025 (₹ Crore)	(39,063.85)	4,070.42	(34,993.43)	14,488.43	(20,505.00)
Sep-2025 (₹ Crore)	(27,163.33)	3,278.61	(23,884.72)	11,345.99	(12,538.73)
Oct-2025 (₹ Crore)	3,902.34	10,707.97	14,610.31	20,987.58	35,597.89
Nov-2025 (₹ Crore) #	(13,367.33)	798.67	(12,568.66)	828.79	(11,739.87)
Total for 2025 (₹ Crore)	(2,07,538.33)	55,091.17	(1,52,477.16)	72,420.16	(80,057.00)
For 2025 ($ Million)	(23,723.51)	6,337.88	(17,385.63)	8,191.71	(9,193.92)
# – Recent Data is up to November 07, 2025

Data Source: NSDL (Net Outflows in brackets)

Overall, FPI flows for 2025 are still negative at $(9,194) Million. This comprises of $(17,386) Million net selling in equities, offset by $8,192 Million net buying in debt. Within equities, secondary market selling was to the tune of $(23,724) Million; offset by IPO buying of $6,338 Million, with FPI participation expected in IPO anchor and QIB portions next week. October 2025 saw the best debt flows in last one year.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to November 07, 2025, FPIs were net sellers in equities worth $(1,417) Million. Here are the key market drivers.

• The rupee stayed under pressure during the week despite aggressive intervention by RBI at around ₹89/$ levels. That was a clear indication that pressure was building up on the rupee, which triggered heavy FPI selling during the week.
• Global markets turned cautious amid two key news bytes. Berkshire Hathaway raised its cash levels to a record $382 billion. Simultaneously, star trader Michael Burry built naked short positions on NVIDIA, betting against AI stocks, on valuation concerns.
• Both IPO listings during the week closed at a discount. Orkla India and Studds Accessories closed listing day at a discount despite fairly good subscription numbers. This is likely to raise some concerns over IPO investing in the coming issues.
• In a bid to boost exports, the Commerce Ministry could permit foreign ecommerce market places to run the inventory model, but only for dedicated exports. India lags China in ecommerce exports due to this regulatory anomaly, which is being plugged.
• Large Indian companies lagged smaller companies in sales and operating profit growth in Q2FY26. In the large cap space, OMCs showed good growth while sectors like IT, and consumer facing sectors came under pressure due to tepid demand and high costs.

Let us turn to granular FPI flows 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
13-Oct-25	2,743.33	2,743.33	309.31	309.31
14-Oct-25	3,555.35	6,298.68	400.46	709.77
15-Oct-25	-576.82	5,721.86	-64.97	644.80
16-Oct-25	695.98	6,417.84	78.83	723.63
17-Oct-25	2,152.33	8,570.17	244.85	968.48
20-Oct-25	882.21	9,452.38	100.35	1,068.83
21-Oct-25	0.00	9,452.38	0.00	1,068.83
22-Oct-25	0.00	9,452.38	0.00	1,068.83
23-Oct-25	764.34	10,216.72	87.07	1,155.90
24-Oct-25	-796.83	9,419.89	-90.60	1,065.30
27-Oct-25	566.97	9,986.86	64.65	1,129.95
28-Oct-25	615.99	10,602.85	69.95	1,199.90
29-Oct-25	9,431.08	20,033.93	1,068.13	2,268.03
30-Oct-25	-780.34	19,253.59	-88.39	2,179.64
31-Oct-25	-2,552.67	16,700.92	-288.10	1,891.54
03-Nov-25	-7,586.75	9,114.17	-855.09	1,036.45
04-Nov-25	-1,932.18	7,181.99	-217.60	818.85
05-Nov-25	0.00	7,181.99	0.00	818.85
06-Nov-25	-326.17	6,855.82	-36.80	782.05
07-Nov-25	-2,723.56	4,132.26	-307.39	474.66

Data Source: NSDL

• In previous 7 weeks, FPIs saw net inflows of $826 Million, $97 Million, $969 Million, $197 Million; net outflows of $(1,147) Million, $(1,084) Million; and net inflows of $322 Million. The week to November 07, 2025, saw FPI net equity selling of $(1,417) Million.
• In last 4 rolling weeks, total net FPI inflows from equities were ₹4,132 Crore or $475 Million. In calendar 2025, FPIs were net sellers in equities in 6 out of 9 months; but net buyers in debt in 7 out of 9 months.

The coming week will see critical data points. India will announce October CPI and WPI inflation, while the US will put out its consumer inflation for October. However, the bigger focus would be on the US shutdown, which completes 40 days. For now, FPIs have to rely only on FOMC speeches to pick up any Fed policy cues. That remain a challenge!