Weekly Musings – FPI flows for week ended November 14, 2025

17 Nov 2025 , 11:41 AM

FPIS TURN NET BUYERS THIS WEEK

There was some respite in the second week of November. After FPIs sold equities worth $(1,417) Million in the first week, they were net buyers of $730 million in the second week of November. However, these flows came entirely from IPO infusion, with FPIs actually net sellers in secondary market. There are some hopes of the US shutdown coming to an end. However, FPIs are likely to be perturbed by India’s 0.25% inflation, as it could be a hint of slowing consumer demand.

The Dollar Index (DXY) continues to struggle at the 100 level; closing the week at 99.30. However, the USDINR continued to remain under pressure, closing the week at ₹88.69/$, thanks largely to the persistent RBI intervention around 89/$. Brent crude bounced marginally to $64.40/bbl. Despite concerns about oversupply, the Russian oil depot strike triggered a late rally in oil. Spot gold was back in action, closing at $4,080/oz, while spot silver also rallied in the week, before closing at $50.55/oz.

MACRO FPI FLOW PICTURE UP TO NOVEMBER 14, 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) #	(13,925.20)	7,833.15	(6,092.05)	6,547.33	455.28
Total for 2025 (₹ Crore)	(2,08,096.20)	62,125.65	(1,45,970.55)	78,138.70	(67,831.85)
# – Recent Data is up to November 14, 2025

Data Source: NSDL (Net Outflows in brackets)

FPI flows for 2025 are still negative at ₹ (67,832) Crore. This comprises of ₹ (1,45,971) Crore net selling in equities, offset by ₹78,139 Crore net buying in debt. Within equities, secondary market selling was to the tune of ₹ (2,08,096) Crore; offset by IPO buying of ₹62,126 Crore. This has been largely supported by strong FPI participation in the anchor portion as well as the QIB portion of major IPOs. Debt flows for 2025 (till date) continues to be robust.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to November 14, 2025, FPIs were net buyers in equities worth $730 Million. Here are the key market drivers.

• The CPI inflation for October 2025 came in sharply lower at 0.25%, the lowest in the current series. However, very low levels of inflation also raise concerns that there could be consumer scepticism, which could be a precursor to deflation in the economy.
• The WPI inflation dipped into negative at -1.21% for October 2025. The negative WPI was triggered by a contraction in food prices. More importantly, the manufacturing WPI fell to 1.54%, thanks largely to the GST cut effect being reflected in manufacturing costs.
• It was a week of tepid subscriptions in the IPO markets. Big guns like Pine Labs, PhysicsWallah Ltd, and EMVEE Photovoltaic Power just managed to get subscribed. In all the 3 cases, the HNI / NII portion actually got undersubscribed.
• Inflows into mutual funds were robust with strong flows into flexi-cap funds and passive funds. SIP flows set a new record at ₹29,529 Crore in October. In the last few weeks, domestic mutual funds have been filling the buying gap left by the FPIs.
• Indian markets are awaiting the New Senate Bill in the US with bated breath. There are expectations that Trump may impose 25% tax on offshore services to encourage business to stay local. This has implications for India’s $280 billion IT services industry.

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
20-Oct-25	882.21	882.21	100.35	100.35
21-Oct-25	0.00	882.21	0.00	100.35
22-Oct-25	0.00	882.21	0.00	100.35
23-Oct-25	764.34	1,646.55	87.07	187.42
24-Oct-25	-796.83	849.72	-90.60	96.82
27-Oct-25	566.97	1,416.69	64.65	161.47
28-Oct-25	615.99	2,032.68	69.95	231.42
29-Oct-25	9,431.08	11,463.76	1,068.13	1,299.55
30-Oct-25	-780.34	10,683.42	-88.39	1,211.16
31-Oct-25	-2,552.67	8,130.75	-288.10	923.06
03-Nov-25	-7,586.75	544.00	-855.09	67.97
04-Nov-25	-1,932.18	-1,388.18	-217.60	-149.63
05-Nov-25	0.00	-1,388.18	0.00	-149.63
06-Nov-25	-326.17	-1,714.35	-36.80	-186.43
07-Nov-25	-2,723.56	-4,437.91	-307.39	-493.82
10-Nov-25	7,738.80	3,300.89	872.42	378.60
11-Nov-25	-5,034.61	-1,733.72	-567.75	-189.15
12-Nov-25	2,181.36	447.64	245.93	56.78
13-Nov-25	-461.98	-14.34	-52.12	4.66
14-Nov-25	2,053.04	2,038.70	231.42	236.07

Data Source: NSDL

• In previous 7 weeks, FPIs saw net outflows of $(1,417) Million, net inflows of $826 Million, $97 Million, $969 Million, $197 Million; net outflows of $(1,147) Million, and $(1,084) Million. The week to November 14, 2025, saw FPI net equity buying of $730 Million, although FPIs alternated between buying and selling during the week.
• In last 4 rolling weeks, total net FPI inflows from equities were ₹2,039 Crore or $236 Million. In calendar 2025, FPIs were net sellers in equities in 6 out of 10 months; but net buyers in debt in 8 out of 10 months.

The coming week will see critical data points. India will announce the trade data, while the US FOMC will put out the Fed minutes next week giving hints on the trajectory of rates. Typically, FIPs will await bigger data points towards the end of the month like the GDP growth and current account deficit (CAD) for Q2FY26. Of course, status of the US shutdown also remains an overhang on the markets.