Weekly Musings – FPI flows for week ended November 28, 2025

5 Dec 2025 , 03:49 PM

FPIS FLOWS FLAT FOR THE WEEK

FPIs had a mixed week, alternating between buying and selling. At the end of the week, they had infused just $1.12 Million into Indian equities, which is almost a flat week. Even the IPO flows were not active during the week. Towards the end of the week, post market hours, the better-than-expected GDP growth for Q2 was announced at 8.2%. However, this was driven more by low inflation, with nominal growth still tepid. Also, the sharp spike in fiscal deficit is likely to make FPIs sceptical.

MACRO FPI FLOW PICTURE UP TO NOVEMBER 28, 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) #	(15,659.31)	11,894.69	(3,764.62)	6,601.09	2,836.47
Total for 2025 (₹ Crore)	(2,09,860.31)	66,187.19	(1,43,673.12)	78,192.46	(65,480.66)
# – Recent Data is up to November 28, 2025

Data Source: NSDL (Net Outflows in brackets)

Cumulative FPI flows for 2025 are still negative at ₹ (65,481) Crore. This comprises of ₹ (1,43,673) Crore net selling in equities, offset by ₹78,192 Crore net buying in debt. Within equities, secondary market selling was to the tune of ₹ (2,09,860) Crore; offset by IPO buying of ₹66,187 Crore. IPO flows were relatively quiet in the week in the absence of big-ticket IPOs. Debt flows for 2025 continues to be robust.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to November 28, 2025, FPI net buying was absolutely flat. Here are the key market drivers.

• India Q2FY26 GDP growth came in better than expected at 8.2%, led by low inflation and positive traction in manufacturing and financial and real estate services. This is likely to trigger an upgrade of FY26 full-year GDP growth at closer to 7.7%.
• Overall fiscal deficit surged by 44% in October 2025 to ₹8.25 Trillion. This led the fiscal deficit as a percentage of full year target from 36.5% as of September to 52.6% as of October. Clearly, this raises doubts over the 4.4% full year fiscal deficit target.
• JP Morgan is extremely bullish on the Indian CDMO sector, expecting it to more than double to $15.2 billion by 2029. The good thing is that revenues are expected to grow at 17% CAGR, while the profits are expected to grow at 20% CAGR during this period.
• Brent Crude stuck near $60/bbl, amid contrasting signals. The Ukraine peace accord with Russia has been delayed. At the same time, supply pressures are likely to come from the OPEC meeting next week; while demand is under stress for now.
• Big ticket Meesho IPO to hit the primary markets on 03-Dec. The IPO will be a combination of fresh issue and an OFS and will close for subscription on Friday. The next week will see 3 IPOs raising a total of ₹6,644 crore from the primary markets.

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
03-Nov-25	-7,586.75	-7,586.75	-855.09	-855.09
04-Nov-25	-1,932.18	-9,518.93	-217.60	-1,072.69
05-Nov-25	0.00	-9,518.93	0.00	-1,072.69
06-Nov-25	-326.17	-9,845.10	-36.80	-1,109.49
07-Nov-25	-2,723.56	-12,568.66	-307.39	-1,416.88
10-Nov-25	7,738.80	-4,829.86	872.42	-544.46
11-Nov-25	-5,034.61	-9,864.47	-567.76	-1,112.22
12-Nov-25	2,181.36	-7,683.11	245.93	-866.29
13-Nov-25	-461.98	-8,145.09	-52.12	-918.41
14-Nov-25	2,053.04	-6,092.05	231.41	-687.00
17-Nov-25	-4,661.00	-10,753.05	-525.23	-1,212.23
18-Nov-25	3,667.00	-7,086.05	413.74	-798.49
19-Nov-25	-386.61	-7,472.66	-43.62	-842.11
20-Nov-25	3,234.34	-4,238.32	365.65	-476.46
21-Nov-25	449.83	-3,788.49	50.71	-425.75
24-Nov-25	-1,616.74	-5,405.23	-182.39	-608.14
25-Nov-25	-3,850.87	-9,256.10	-431.75	-1,039.89
26-Nov-25	974.53	-8,281.57	109.23	-930.66
27-Nov-25	5,020.50	-3,261.07	562.43	-368.23
28-Nov-25	-503.55	-3,764.62	-56.39	-424.62

Data Source: NSDL

• In previous 7 weeks, FPIs saw net inflows of $261 Million, $730 Million; net outflows of $(1,417) Million; net inflows of $826 Million, $97 Million, $969 Million, and $197 Million. The week to November 28, 2025, saw flat FPI net equity flows of a mere $1.13 Million.
• In last 4 rolling weeks (Nov-25), total net FPI inflows from equities were ₹3,765 Crore or $425 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 the markets reacting to the mixed cues from the GDP and the fiscal deficit. In addition, the IIP data for October and the current account deficit data for Q2 will also be put out. As data flows from the US also normalize, FPIs will have a much broader canvas to take their call on the direction of flows!