Weekly Musings – FPI flows for week ended October 31, 2025

3 Nov 2025 , 12:10 PM

FPI BUYING DEFINED BY TUESDAY FLOWS

The week to October 31, 2025 saw net FPI equity inflows of $826 Million. However, the week was defined by $1.07 billion of secondary market flows on Tuesday. This comes in the aftermath of a truncated Diwali week as well as sustained buying in other Asian EMs like Taiwan, Korea and China. Of course, this week will also see big FPI flows from the Lenskart and Groww IPOs; both of which are extremely popular among the global investors.

Dollar index got tantalizing close to the 100 levels and closed the week at 99.80 levels; very near to the weekly highs. This is despite the sustained US shutdown. The rupee came under pressure and weakened from ₹87.78/$ last week to ₹88.77 in this week. Brent Crude was steady through the week around $64.50/bbl amid contrasting forces. Spot gold fell as low as $3,915/oz, before closing at $4,002/oz. Silver also bounced marginally to $48.68/oz.

MACRO FPI FLOW PICTURE UP TO OCTOBER 31, 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
Total for 2025 (₹ Crore)	(1,94,201.00)	54,292.50	(1,39,908.50)	71,591.37	(68,317.13)
For 2025 ($ Million)	(22,216.51)	6,247.76	(15,968.75)	8,098.47	(7,870.28)
# – Recent Data is up to October 31, 2025

Data Source: NSDL (Net Outflows in brackets)

Overall, FPI flows for 2025 are still negative at $(7,870) Million. This comprised of $(15,969) Million net selling in equities, offset by $8,099 Million net buying in debt. Within equities, secondary market selling was to the tune of $(22,217) Million; offset by IPO buying of $6,248 Million, with heavier FPI participation expected in IPO anchor and QIB portions next week. October 2025 has seen the best debt flows in the last one year.

FPI SENTIMENTS – THE WEEK THAT WAS

For the week to October 31, 2025, FPIs were net buyers in equities worth $826 Million. Here are the key market drivers.

• India IIP growth for September 2025 comes in almost flat at 4.02%. This is the third month in a row that the IIP growth has been above 4%. While manufacturing turned robust in the month, led by GST cuts, mining and electricity were under pressure.
• The Fed cut rates by 25 bps to the level of 3.75%-4.00% in its October 2025 Fed meeting. However, in the post-policy statement, Jerome Powell underlined that this could be the last rate cut for 2025. That somewhat mellowed the sentiments in the markets.
• Indian oil refiners are shifting out of Russian crude. With the sanctions in place, Indian refiners are preferring to buy US and Abu Dhabi crude from the spot market, to make up for the shortfall. Most Indian refiners are wary of secondary sanctions.
• Two mega IPOs set the tone for the coming week. While the Lenskart IPO has already opened and got fully subscribed on Day-1, the Groww IPO will open in the coming week. The two IPOs will be raising a little over ₹13,900 Crore between them.
• India fiscal deficit as of the end of first half of FY26 stood at 36.5% of full year target. September 2025 saw a fiscal surplus, despite a spike in capex, due to advance tax flows being accounted for in September. However, pressure on 4.4% fiscal target remains.

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
06-Oct-25	-1,584.48	-1,584.48	-178.48	-178.48
07-Oct-25	-1,471.74	-3,056.22	-165.76	-344.24
08-Oct-25	1,663.65	-1,392.57	187.49	-156.75
09-Oct-25	737.82	-654.75	83.09	-73.66
10-Oct-25	2,406.54	1,751.79	271.04	197.38
13-Oct-25	2,743.33	4,495.12	309.31	506.69
14-Oct-25	3,555.35	8,050.47	400.46	907.15
15-Oct-25	-576.82	7,473.65	-64.97	842.18
16-Oct-25	695.98	8,169.63	78.83	921.01
17-Oct-25	2,152.33	10,321.96	244.85	1,165.86
20-Oct-25	882.21	11,204.17	100.35	1,266.21
21-Oct-25	0.00	11,204.17	0.00	1,266.21
22-Oct-25	0.00	11,204.17	0.00	1,266.21
23-Oct-25	764.34	11,968.51	87.07	1,353.28
24-Oct-25	-796.83	11,171.68	-90.60	1,262.68
27-Oct-25	566.97	11,738.65	64.65	1,327.33
28-Oct-25	615.99	12,354.64	69.95	1,397.28
29-Oct-25	9,431.08	21,785.72	1,068.13	2,465.41
30-Oct-25	-780.34	21,005.38	-88.39	2,377.02
31-Oct-25	-2,552.67	18,452.71	-288.10	2,088.92

Data Source: NSDL

• In previous 7 weeks, FPIs saw net inflows of $97 Million, $969 Million, $197 Million; net outflows of $(1,147) Million, $(1,084) Million; net inflows of $322 Million, and $168 Million. The week to October 31, 2025, saw FPI net buying of $826 Million in equities. October marked fourth consecutive month of FPI buying aggressively in debt.
• In last 4 rolling weeks, total net FPI inflows from equities were ₹18,453 Crore or $2,089 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. The markets will be keen to check on status of the US shutdown, which has completed 1 month now. Also, response to big-ticket IPOs and Q2FY26 results will be closely tracked. Data flows from the US have almost dried up, and that remains a persistent concern for global markets.