Weekly Musings – FPI flows for week ended October 10, 2025

13 Oct 2025 , 10:57 AM

FPI INTEREST REVIVES IN SECOND HALF OF THE WEEK

The week to October 10, 2025 saw net FPI inflows of $197 Million. The figure may be small, but what matters is that after 2 days of FPI selling, the week saw 3 consecutive days of FPI buying. The net figure was despite continued concerns over tariffs, H1-B visa issues, and the prolonged shutdown in the US. FPIs appear to be gradually buying into the India domestic story, even as the DFIs (led by LIC and mutual funds) remain net buyers in India.

Dollar index hardened to 98.98 levels, after speeches by Powell and Bowman advised caution on further rate cuts. The RBI continued to defend the rupee at the ₹89/$ levels, so the USDINR saw another weekly close of ₹88.76/$. Brent Crude fell to the lowest level since May at $62.73/bbl on US shutdown concerns. The big macro data point that stood out this week was spot gold rallying to $4,018/oz on sustained global uncertainty.

MACRO FPI FLOW PICTURE UP TO OCTOBER 10, 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) #	(4,670.15)	2,579.54	(2,090.61)	5,448.22	3,357.61
Total for 2025 (₹ Crore)	(2,02,773.49)	46,164.07	(1,56,609.42)	56,052.01	(1,00,557.41)
For 2025 ($ Million)	(23,190.52)	5,330.23	(17,860.29)	6,337.64	(11,522.65)
# – Recent Data is up to October 10, 2025

Data Source: NSDL (Net Outflows in brackets)

Overall, FPI flows for 2025 are still negative at $(11,523) Million. This comprised of $(17,860) Million net selling in equities, offset by $6,338 Million net buying in debt. Within equities, secondary market selling was to the tune of $(23,191) Million; offset by IPO buying of $5,330 Million, thanks to big-ticket IPOs this week. FPIs actively participated in the anchor allocations and the QIB portion of mega Indian IPOs, by channelling secondary market gains.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to October 10, 2025, FPIs were net buyers in equities worth $197 Million. Here are key market drivers.

• The Fed minutes published during the week hinted at members being concerned more about jobs and less about inflation. The debate now is whether the Fed should take up 1 rate cut or 2 rate cuts in the remaining two FOMC meetings of year 2025.
• The prolonged uncertainty caused by the US shutdown has caused a crisis in terms of macro data availability. The US BLS has put off the announcement of the employment data and the CPI inflation data to the third week of October due to lack of reliable data.
• Indian IPOs had a robust week with more than ₹30,000 crore worth of IPO money being raised. In fact, the overall investor interest received for LG Electronics India Ltd IPO stood at ₹4.39 Trillion, the highest investor interest received in any Indian IPO till date.
• Mutual funds saw net outflows from debt funds due to advance tax commitments. The positive surprise was the net inflows of ₹19,057 Crore into passive funds; led by gold and silver ETFs. Gross SIP inflows set a new record in September 2025 at ͅ₹29,361 Crore.
• TCS sees headcount reduction of 19,755 in Q2FY26. That included a 12,000-staff layoff across TCS facilities globally. Otherwise, profits in Q2FY26 were below street expectations, although the sales revenues were above street expectations.

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
15-Sep-25	1,022.64	1,022.64	115.84	115.84
16-Sep-25	-336.45	686.19	-38.11	77.73
17-Sep-25	1,645.65	2,331.84	186.90	264.63
18-Sep-25	-280.13	2,051.71	-31.92	232.71
19-Sep-25	785.11	2,836.82	89.70	322.41
22-Sep-25	1,128.39	3,965.21	127.78	450.19
23-Sep-25	-1,971.70	1,993.51	-223.69	226.50
24-Sep-25	-2,794.09	-800.58	-314.85	-88.35
25-Sep-25	-1,867.85	-2,668.43	-210.44	-298.79
26-Sep-25	-4,100.60	-6,769.03	-462.46	-761.25
29-Sep-25	-4,979.28	-11,748.31	-561.21	-1,322.46
30-Sep-25	-1,354.79	-13,103.10	-152.65	-1,475.11
01-Oct-25	-4,026.06	-17,129.16	-453.42	-1,928.53
02-Oct-25	0.00	-17,129.16	0.00	-1,928.53
03-Oct-25	183.66	-16,945.50	20.71	-1,907.82
06-Oct-25	-1,584.48	-18,529.98	-178.48	-2,086.30
07-Oct-25	-1,471.74	-20,001.72	-165.76	-2,252.06
08-Oct-25	1,663.65	-18,338.07	187.49	-2,064.57
09-Oct-25	737.82	-17,600.25	83.09	-1,981.48
10-Oct-25	2,406.54	-15,193.71	271.04	-1,710.44

Data Source: NSDL

• In previous 7 weeks, FPIs saw net outflows of $(1,147) Million, $(1,084) Million, net inflows of $322 Million, $168 Million; net outflows of $(1,394) Million, $(1,478) Million, and $(122) Million. The week to October 10, 2025, saw FPI net buying of $197 Million in equities. October marks the fourth consecutive month of FPI buying in debt.
• In last 4 rolling weeks, total net FPI outflows from equities were ₹ (15,194) Crore or $(1,710) Million. In calendar 2025, FPIs were net sellers in equities in 6 out of 9 months; while they were net buyers in debt in 7 out of 9 months.

For now, the FPIs will have little access to reliable US data points due to the ongoing shutdown. The announcement of US unemployment and CPI inflation data has been put off to the third week of the month. On the India data front, FPIs will focus on the India consumer inflation, trade deficit, and the minutes of RBI Monetary Policy this week.