Foreign Portfolio Investors (FPIs) reversed their three-month selling streak in October 2025, turning net buyers with total investments of ₹8,696 crore across equities and debt markets through the exchanges and primary market, according to data from National Securities Depository Limited (NSDL).
Theturnaround comes after FPIs had sold equities worth ₹1,94,201 crore through exchanges from January to September 2025, though they simultaneously invested ₹54,292 crore through the primary market during the same period, bringing the net outflow to ₹1,39,909 crore for the first nine months.
In the last week of October alone, FPIs showed volatile behaviour. On October 29, they recorded their highest single-day net investment of ₹9,969.19 crore, driven primarily by equity purchases of ₹9,431.08 crore through exchanges. However, this was followed by two consecutive days of selling, with net outflows of ₹1,677.77 crore on October 31 and ₹780.34 crore on October 30.
| Date | Equity Net Investment (₹ Crore) | Debt Net Investment (₹ Crore) | Total Net Investment (₹ Crore) |
|---|---|---|---|
| Oct 27 | 566.97 | -365.74 | 326.25 |
| Oct 28 | 615.99 | 301.40 | 934.50 |
| Oct 29 | 9,431.08 | 527.17 | 9,969.19 |
| Oct 30 | -780.34 | 1,311.08 | 1,557.94 |
| Oct 31 | -2,552.67 | 915.06 | -1,677.77 |
| Weekly Total | 7,281.03 | 2,688.97 | 11,110.11 |
“October marked a reversal of the sustained selling by FIIs seen in the previous three months. For October, FIIs bought equity for ₹3,902 crores through the exchanges. However, this figure includes some bulk deals too,” said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
Breaking down the weekly data, FPIs were net buyers of ₹566.97 crore in equities on October 27, followed by ₹615.99 crore on October 28. After the strong buying on October 29, the sentiment reversed with equity outflows of ₹780.34 crore on October 30 and ₹2,552.67 crore on October 31.
“The trend of sustained buying/investing through the primary continued in October too with a buy figure of ₹10,707 crores. The red hot IPO market and the high premium investors are willing to pay for new issues are encouraging FIIs to invest through the primary market,” Vijayakumar added.
In the debt segment, FPIs showed mixed trends across different categories. Under the Fully Accessible Route (FAR), they remained consistent net buyers throughout the week, with investments ranging from ₹88.02 crore on October 27 to ₹2,696.45 crore on October 30. However, the General Limit and Voluntary Retention Route (VRR) categories saw net outflows on most days.
“Foreign Portfolio Investors (FPIs) turned net buyers of Indian equities in October 2025, marking a notable shift after three consecutive months of selling. Through the month, FPIs infused around $1.66 billion into equities during the month, reflecting a return of foreign confidence in India’s macroeconomic and earnings stability,” said Himanshu Srivastava, Principal, Manager Research at Morningstar Investment Research India.
Shrikant Chouhan, Head Equity Research at Kotak Securities, noted that FPI flows remained mixed across emerging markets in October. “India, Indonesia, and South Korea witnessed inflows of $2,398 million, $714 million, and $3,146 million, respectively. However, Brazil, Malaysia, the Philippines, Taiwan, Thailand, and Vietnam witnessed outflows of $395 million, $565 million, $100 million, $1,801 million, $119 million, and $780 million, respectively.”
“The aggregate buy figure through the exchanges in October doesn’t mean that the FIIs will continue to be in buy mode, going forward. The relatively higher valuations in India may prompt FIIs to sell again. Whether FIIs will buy or sell will depend on the trajectory of India’s corporate sector’s earnings growth,” Vijayakumar said.
Published on November 1, 2025
