Foreign portfolio investors (FPIs) maintained their preference for India’s primary market in November, injecting a net $1.3 billion (about ₹11,895 crore) into initial public offerings — their highest such monthly infusion in four months.
This marks the fifth consecutive month in which FPIs favoured IPOs over the secondary market, even as they turned net sellers on the latter. In November alone, their secondary-market sales totalled $1.8 billion (≈ ₹15,659 crore), reversing the modest purchases seen in October.
Combined, this resulted in a net outflow of $424 million (≈ ₹3,765 crore) from Indian equities for the month.
Meanwhile, domestic mutual funds stepped in to offset some of the FPI outflow — continuing to buy equities through November.
Investors and market watchers view this pattern as a signal that while foreign investors remain sceptical about existing stocks, they continue to bet on new-issue stories — valuing fresh listings over legacy holdings in the current macroeconomic environment.
