Foreign portfolio investors pulled out a net ₹28,375.86 crore from Indian equities over the five trading sessions ended April 10, 2026, according to data published by the National Securities Depository Limited (NSDL). When debt, hybrid and mutual fund instruments are included, total net outflows for the week stood at ₹40,190.54 crore.
The week opened with the steepest single-day outflows. On Monday, April 6, FPIs recorded a net equity outflow of ₹9,469.61 crore and a total net outflow — across all instruments — of ₹14,871.41 crore at a rupee-dollar conversion of ₹93.2088, equivalent to $1,595.50 million. Tuesday, April 7 saw equity outflows ease marginally to ₹8,636.75 crore, with total net outflows at ₹13,361.89 crore, or $1,435.83 million, at ₹93.0591 to the dollar.
Wednesday, April 8 marked a notable shift in pace. Net equity outflows dropped to ₹6,809.74 crore, and total net outflows across all instruments declined sharply to ₹6,973.94 crore — roughly half of Tuesday’s figure — at a conversion rate of ₹92.9625, amounting to $750.18 million. The moderation continued into Thursday, April 9, when equity outflows narrowed further to ₹1,395.55 crore and total net outflows fell to ₹1,666.59 crore, or $180.07 million, at ₹92.5586.
“…the intensity of selling moderated significantly as the week progressed… this moderation in outflows coincided with the announcement of a ceasefire in the Middle East, which helped ease immediate geopolitical concerns and improved global risk sentiment,” said Himanshu Srivastava, Principal, Manager Research, Morningstar Investment Research India.
Friday, April 10 closed the week with equity net outflows of ₹2,064.21 crore and total net outflows of ₹3,316.71 crore at ₹92.7129, equivalent to $357.74 million. Within Friday’s data, Debt-FAR instruments posted a net inflow of ₹795.21 crore, mutual funds recorded a net inflow of ₹134.71 crore, and the hybrid segment posted a marginal net inflow of ₹5.64 crore — the only instrument categories to record positive flows on the day.
The week’s equity outflows of ₹28,375.86 crore translated to approximately $3.05 billion, based on NSDL’s daily conversion rates. Total outflows across all instruments for the week amounted to roughly $4.32 billion.
“A relatively weaker rupee impacts dollar-adjusted returns for FIIs, which often prompts portfolio rebalancing towards safer and more liquid assets during periods of uncertainty,” explained, Srivastava.
Despite the sustained foreign outflows, Indian benchmark indices ended the week significantly higher, snapping a six-week losing streak. The Nifty 50 surged 5.89 per cent to reclaim the 24,000 mark, while the Bank Nifty gained 8.47 per cent to close at 55,908. The recovery was broad-based, with the banking sector leading gains on the back of early Q4 business updates.
“…DIIs provided a meaningful counterbalance… their participation played a crucial role in absorbing selling pressure and helping stabilise indices near key support levels” said, Dr. Ravi Singh, Chief Research Officer, Master Capital Services Limited.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited noted, “Other markets like South Korea and Taiwan are considered more attractive from the FPI perspective since these markets are expected to deliver much superior earnings growth when compared to the modest earnings growth expected in India in FY27. The sharp correction in the market after the war began has made the valuations fair; but not compelling buys, yet.”
On the derivatives front, FPI activity in index futures showed a declining trend in open interest through the week — from 4,04,142 contracts worth ₹60,309 crore on Monday to 3,85,765 contracts worth ₹60,608.50 crore by Friday. Stock futures open interest, however, rose over the same period, moving from 72,90,091 contracts at ₹4,30,409.28 crore on Monday to 73,54,438 contracts at ₹4,59,288.88 crore on Friday, suggesting continued FPI positioning in single-stock futures even as broader index exposure was trimmed.
N. ArunaGiri, CEO, TrustLine Holdings said, “After two consecutive years of outflows, it would not be surprising to see a reversal in trend, with flows turning positive in a meaningful way as the cycle turns.”
The coming week’s FPI flows are expected to be shaped by developments in US-Iran negotiations, the trajectory of crude oil prices, and the broader quarterly earnings season, which will offer fresh signals on corporate health and sectoral momentum.