FPIs Pump ₹53,739 Crore into Indian Equities in Six Sessions as Markets Rally

11 Nov 2026 , 01:10 PM

Indian equities surged in the month of November 2026, as Foreign Portfolio Investors pumped in ₹53,739 crore over six trading days between November 2 and 9. Sustained buying was seen in the index stocks as against other segments. However, stock specific earning performances continued to vary greatly.

Key Takeaways

• The US midterm election results have moved some of the uncertainty surrounding US policy and hence supported expectations of lower bond yields.
• Skepticism around returns on investment for AI infrastructure and data-center spending has caused investors to unwind crowded trades in AI-related stocks.
• Brent crude fell below $90 a barrel on Tuesday, a level last seen in August.
• Twenty-seven of the 47 Nifty 50 companies that had reported results by November 10, beating analysts’ estimates.
• Buying in the recent week was concentrated on financial services, information technology, automobiles and telecom.

FPIs put ₹53,739 crore into Indian equities in six sessions

Data on foreign portfolio investor flows into Indian equities between November 2 and 9 showed that of the Rs 53,739 crores that poured in during the six market days, it was just the reverse of the outflows of Rs 34,843 crores seen in October and of Rs 35,861 crores in September.

Nifty 50 results data showed that 17 of the 47 companies reporting by November 10 were broadly in line with analysts’ estimates and three missed them. Reported corporate earnings data also showed positive revenue growth surprises across sectors during the September-quarter earnings season.

Financial services, information technology, automobiles and telecom led heavyweight buying

Market buying data showed that recent-week demand was concentrated in index heavyweights, particularly financial services, information technology, automobiles and telecom. Reported corporate earnings data identified banks, two-wheelers, power utilities, infrastructure, metals and pharmaceuticals among the areas with stronger earnings surprises.

Analysts noted disappointment in some areas of the market including consumer staples, passenger vehicles and chemicals.

AI de-risking redirected attention beyond concentrated technology positions.

Analysis of the AI trade attributed the reduction in crowded positions to doubts about returns from massive AI infrastructure investments, data-centre spending and stretched valuations. Market price data showed that Iren, Nebius and CoreWeave had each fallen at least 40% from the Nasdaq’s October 6 peak, while the Nasdaq was down 11.9% from its record.

Comments from investors around the world describe the trends as ‘tactical de-risking’ and ‘geographic diversification’ into AI theme which is not a complete abandonment of the current trade. However, the AI trade analysis finds that India has largely been left out of the current AI-led rally and thus offers an alternative destination for capital to invest in technology beyond the current concentrated trade.

Lower US yields and easing domestic pressures supported the flow reversal

US policy analysts said the results of US midterm elections alleviated some of the uncertainty surrounding policy and hence are seen to bring lower bond yields. The yields on benchmark bonds in the US have dropped since the elections, making foreign bonds relatively more attractive.

Based on global asset-allocation data, the US holds about 65% of global market capitalization while 30% of global gross domestic product is based in the US. There are approximately $24-25 trillion in assets held by foreign investors in the US versus what Americans hold in assets abroad.

Brent crude plunged below $90 a barrel for the first time in August for this year, leading to relief on account of India’s import bill as well as the rupee. The rupee gained more than 3% from recent lows. Import of gold was down while the net foreign direct investment (NFDI) remained positive throughout the fiscal year.

Data on foreign equity flows indicated that in September South Korea saw a net outflow of $14.25 billion from its equities. In October Taiwan saw a record net outflow of $28 billion. In the first ten days of November a further $10 billion was pulled out of Taiwan’s equities.