Weekly Musings – FPI flows for week ended October 24, 2025

27 Oct 2025 , 08:17 AM

FPI BUYING TEPID IN TRUNCATED WEEK

The week to October 24, 2025 saw net FPI equity inflows of $97 Million. This week may not be too representative as there were only 3 full trading sessions. More importantly, many of the domestic traders and institutions were on a long Diwali leave, which made FPIs rather cautious about taking aggressive positions during the week. FPIs were net buyers on 2 days and net sellers on 1 day, with the net impact being very marginal for the week.

Dollar index hovered around 99 levels before closing at 98.95. Dollar is strong despite the US shutdown. The rupee retracted sharply from ₹89/$ level amid aggressive RBI dollar selling and closed the week at ₹87.84/$. Brent Crude recovered to $65.94/bbl this week, on US-China deal hopes, after going as low as $60/bbl. In precious metals; spot gold fell as low as $4,004/oz, after peaking at $4,382/oz. Silver also retracted -12.2% from peaks to $47.60/oz.

MACRO FPI FLOW PICTURE UP TO OCTOBER 24, 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) #	(3,363.26)	10,692.54	7,329.28	17,158.50	24,487.78
Total for 2025 (₹ Crore)	(2,01,466.60)	54,277.07	(1,47,189.53)	67,762.29	(79,427.24)
For 2025 ($ Million)	(23,040.99)	6,246.00	(16,794.99)	7,665.22	(9,129.77)
# – Recent Data is up to October 24, 2025

Data Source: NSDL (Net Outflows in brackets)

Overall, FPI flows for 2025 are still negative at $(9,130) Million. This comprised of $(16,795) Million net selling in equities, offset by $7,665 Million net buying in debt. Within equities, secondary market selling was to the tune of $(23,041) Million; offset by IPO buying of $6,246 Million, thanks to FPIs actively participating in the anchor allocations and QIB portion of mega Indian IPOs; churning gains. October has seen best debt flows since March 2025.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to October 24, 2025, FPIs were net buyers in equities worth $97 Million. Here are key market drivers.

• US consumer inflation came in 10 bps higher at 3.0%, but lower than expected. However, this data has to be taken with a pinch of salt. It comes amid the US shutdown; when data collection and dissemination is not considered a priority activity.
• India core sector growth for September almost halved to 3.0%, compared to August. This was largely on account of the higher base. While, steel and cement continue to flatter with strong growth, it is the fossil fuel space that saw maximum pressure.
• India is expected to see IPOs worth ₹41,000 crore in the remaining 65 days of year 2025. This includes some high-profile names like Groww, Lenskart, and Physicswallah. If all goes well, Indian IPO markets will close the year with over ₹1.50 trillion of funds raised.
• SEBI barred domestic MFs from the pre-IPO market due to listing concerns. Pre-IPO happens well before the IPO and is done at a discount to the IPO price. MFs could lose out on this lucrative market as FPIs and family offices can still invest in pre-IPO.
• Tata Sons listing may be finally off the table, so any short-term bonanza for Tata group companies is ruled out. The SP group was pressuring Tata Trusts to list Tata Sons, as they wanted to monetize their 18.3% holdings in Tata Sons to manage their group debt.

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
29-Sep-25	-4,979.28	-4,979.28	-561.21	-561.21
30-Sep-25	-1,354.79	-6,334.07	-152.65	-713.86
01-Oct-25	-4,026.06	-10,360.13	-453.42	-1,167.28
02-Oct-25	0.00	-10,360.13	0.00	-1,167.28
03-Oct-25	183.66	-10,176.47	20.71	-1,146.57
06-Oct-25	-1,584.48	-11,760.95	-178.48	-1,325.05
07-Oct-25	-1,471.74	-13,232.69	-165.76	-1,490.81
08-Oct-25	1,663.65	-11,569.04	187.49	-1,303.32
09-Oct-25	737.82	-10,831.22	83.09	-1,220.23
10-Oct-25	2,406.54	-8,424.68	271.04	-949.19
13-Oct-25	2,743.33	-5,681.35	309.31	-639.88
14-Oct-25	3,555.35	-2,126.00	400.46	-239.42
15-Oct-25	-576.82	-2,702.82	-64.97	-304.39
16-Oct-25	695.98	-2,006.84	78.83	-225.56
17-Oct-25	2,152.33	145.49	244.85	19.29
20-Oct-25	882.21	1,027.70	100.35	119.64
21-Oct-25	0.00	1,027.70	0.00	119.64
22-Oct-25	0.00	1,027.70	0.00	119.64
23-Oct-25	764.34	1,792.04	87.07	206.71
24-Oct-25	-796.83	995.21	-90.60	116.11

Data Source: NSDL

• In previous 7 weeks, FPIs saw net inflows of $969 Million, $197 Million; net outflows of $(1,147) Million, $(1,084) Million; net inflows of $322 Million, $168 Million; and net outflows of $(1,394) Million. The week to October 24, 2025, saw FPI net buying of just $97 Million in equities. October marked fourth consecutive month of FPI buying in debt.
• In last 4 rolling weeks, total net FPI inflows from equities were ₹995 Crore or $116 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.

The coming week will see critical domestic and global data points. This includes IIP growth and fiscal deficit updated in India. In global data points, the US monetary policy and the US GDP and PCE inflation will be closely watched. The Q2FY26 results will still hold sway!