The Economic Times reported that foreign investors’ cumulative Indian equity flows since October 2015 had slipped to about a $110 million net outflow, after domestic institutions cushioned a March selloff.
In a calculation published Oct. 19, the outlet compared $63.6 billion in net foreign selling since October 2024 with $63.5 billion in net purchases over the prior nine years. The report did not specify the calculation’s cutoff date or data series. The Securities and Exchange Board of India (SEBI) says its FPI net-investment data have included mutual fund investments since September 2024, within the period covered by the calculation.
SEBI reported that foreign portfolio investors (FPIs) net sold ₹117,775 crore in equities in March 2026 and were net sellers in every trading session that month. Domestic institutional investors net purchased ₹143,169 crore in equities, while the FPI net outflow across all asset classes was ₹125,736 crore.
SEBI cited geopolitical risks, including the U.S.-Iran conflict and disruptions in the Strait of Hormuz, alongside Brent crude above $100 per barrel, the rupee nearing ₹94 per U.S. dollar and U.S. Treasury yields rising from 3.96% to 4.4% as factors behind the March selling.
The National Stock Exchange of India said net FPI outflows reached a record $18.9 billion in calendar 2025. Mint reported that through September 2026, foreign investors had net sold $27.8 billion in Indian equities, while domestic institutions invested $64.6 billion.
Combined figures from NSDL’s two September fortnightly reports show the largest sector outflows were ₹13,147 crore from financial services, ₹6,854 crore from oil, gas and consumable fuels, and ₹6,212 crore from automobiles and auto components. Mint reported that domestic buying helped absorb equity sales but did not directly meet the dollar demand created when foreign investors convert proceeds for repatriation.
Foreign investors also showed different patterns across market segments. Mint reported that they participated in primary-market offerings every month from September 2025 through September 2026, while secondary-market flows were negative in most months and outweighed primary inflows. HSBC Asset Management said Sept. 14 that foreign inflows showed early signs of turning in the third quarter, after earlier weakness it linked to the AI investment theme, energy costs and rupee depreciation.
