Weekly Musings – FPI flows for week ended November 21, 2025

24 Nov 2025 , 12:20 PM

FPIS STAY NET BUYERS THIS WEEK

After the FPIs net sold $(1,417) Million in the first week of November, and bought $730 million of equities in the second week; the third week was tepid with $261 Million of inflows. Once again, it was the steady inflows from IPOs that did the trick as big-ticket IPOs continue to dominate the primary markets. The good news was that the US shutdown is finally being withdrawn, even as India saw flat core sector growth in October 2025.

The Dollar Index (DXY) bounced above the 100 level; closing the week at 100.18. The last 3 days of the week gave a consistent close above 100 for DXY. However, concerns over higher borrowings and a record trade deficit pushed the rupee to lifetime lows of ₹89.64/$. RBI gave up intervention at 89/$, and now ₹90/$ remains a key psychological level. Brent crude stayed subdued around $62.56/bbl. Amidst the uncertainty, gold and silver rallied.

MACRO FPI FLOW PICTURE UP TO NOVEMBER 21, 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) #	(15,243.35)	11,454.86	(3,788.49)	6,208.31	2,419.82
Total for 2025 (₹ Crore)	(2,09,444.35)	65,747.36	(1,43,696.99)	77,799.68	(65,897.31)
# – Recent Data is up to November 21, 2025

Data Source: NSDL (Net Outflows in brackets)

FPI flows for 2025 are still negative at ₹ (65,897) Crore. This comprises of ₹ (1,43,697) Crore net selling in equities, offset by ₹77,800 Crore net buying in debt. Within equities, secondary market selling was to the tune of ₹ (2,09,444) Crore; offset by IPO buying of ₹65,747 Crore. IPO flows were 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 21, 2025, FPIs were net buyers in equities worth $261 Million. Here are the key market drivers.

• India merchandise trade deficit widened to a record $(41.6) Billion in October 2025 as gold imports surged to $14.5 Billion. Exports were hit by the US sanctions; and to make matters worse, the services surplus was not able to contribute too much.
• Core sector growth for October 2025 was flat at 0.0%, a sharp fall of nearly 650 basis points in the last 2 months. Fossil fuel related sectors are under pressure, but weakness in growth is visible across steel and cement; hinting at slowing capex in India.
• Fed minutes hinted at deep dissensions among FOMC members as views are split between inflation and jobs. With unemployment for September higher at 4.4%, the dovish club in the FOMC may just about have a psychological edge.
• Indian companies in Q2FY26 showed rising cash balances, but a spike in debt too. Despite cash pile of ₹14.2 Trillion, Indian companies are shying away from capex. India Inc also saw a 7% spike in debt to ₹56.4 Trillion, with net debt at ₹42.16 Trillion.
• Big short trader, Michael Blurry, has picked holes in the NVIDIA quarterly results. He has underlined asset life lengthening, improper stock compensation accounting, and circular order flows as the key reasons he is cautious on NVIDIA. AI comes into question.

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
27-Oct-25	566.97	566.97	64.65	64.65
28-Oct-25	615.99	1,182.96	69.95	134.60
29-Oct-25	9,431.08	10,614.04	1,068.13	1,202.73
30-Oct-25	-780.34	9,833.70	-88.39	1,114.34
31-Oct-25	-2,552.67	7,281.03	-288.10	826.24
03-Nov-25	-7,586.75	-305.72	-855.09	-28.85
04-Nov-25	-1,932.18	-2,237.90	-217.60	-246.45
05-Nov-25	0.00	-2,237.90	0.00	-246.45
06-Nov-25	-326.17	-2,564.07	-36.80	-283.25
07-Nov-25	-2,723.56	-5,287.63	-307.39	-590.64
10-Nov-25	7,738.80	2,451.17	872.42	281.78
11-Nov-25	-5,034.61	-2,583.44	-567.76	-285.98
12-Nov-25	2,181.36	-402.08	245.93	-40.05
13-Nov-25	-461.98	-864.06	-52.12	-92.17
14-Nov-25	2,053.04	1,188.98	231.41	139.24
17-Nov-25	-4,661.00	-3,472.02	-525.23	-385.99
18-Nov-25	3,667.00	194.98	413.74	27.75
19-Nov-25	-386.61	-191.63	-43.62	-15.87
20-Nov-25	3,234.34	3,042.71	365.65	349.78
21-Nov-25	449.83	3,492.54	50.71	400.49

Data Source: NSDL

• In previous 7 weeks, FPIs saw net inflows of $730 Million, net outflows of $(1,417) Million, net inflows of $826 Million, $97 Million, $969 Million, $197 Million; and net outflows of $(1,147) Million. The week to November 21, 2025, saw FPI net equity buying of $261 Million, although FPIs alternated between buying and selling during the week.
• In last 4 rolling weeks, total net FPI inflows from equities were ₹3,493 Crore or $401 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. With India Q2 results season over, the focus shifts to macro data points over next couple of weeks like IIP, Q2-GDP, Q2-CAD, and fiscal deficit data. With the US shutdown coming to an end, data flows on Q3 GDP growth and PCE inflation will start to come in. With further rate cuts unlikely in 2025, the focus would shift to these hard data points.