FPIs Turn Net Sellers in November Despite Strong IPO Pipeline
Foreign Portfolio Investors (FPIs) continued their cautious stance toward Indian equities in November 2025, extending a trend seen through the year. While the primary market remained a bright spot, heavy selling in the secondary market outweighed fresh IPO inflows.
IPOs Remain Attractive, Secondary Market Sees Outflows
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FPIs poured $1.3 billion (₹11,894.7 crore) into IPOs—their highest in four months.
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However, this was overshadowed by $1.8 billion (₹15,659.3 crore) of selling in the secondary market.
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Net result: FPIs withdrew $424 million (₹3,764.6 crore) from Indian equities in November.
This marks the fifth consecutive month where FPIs preferred primary markets over secondary.
Year-to-Date Snapshot (Jan–Nov 2025)
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FPIs have been net sellers of $16.4 billion (₹1.4 lakh crore) so far.
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Secondary-market selling: $24 billion (₹2.1 lakh crore)—far higher than the $14.3 billion sold in 2024.
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Primary-market investments:
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$7.6 billion (₹66,187 crore) invested in IPOs.
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While healthy, it is not enough to offset aggressive selling elsewhere.
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Mutual Funds Step Up to Offset Outflows
Domestic mutual funds continued to counteract FPI selling:
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₹38,173 crore equity buying in November (till Nov 26).
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₹4.5 lakh crore has been invested in equities in 2025 so far.
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This exceeds their full-year 2024 deployment of ₹4.3 lakh crore.
The strong domestic retail and SIP flows continue to serve as the market’s stabilizing force.
What to Watch in December
Analysts expect muted FPI activity due to the global holiday season. Key triggers include:
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Better-than-expected GDP growth
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Q3 corporate earnings
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Developments on the US–India tariff front
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Global liquidity conditions and geopolitical cues
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