remained net sellers in Indian markets for the fifth consecutive session on March 13, pulling out a net ₹7,491.51 crore (approximately $811.18 million) on the day, according to daily trends data released by NSDL. Over the five trading sessions from March 9 to March 13, FPIs recorded a cumulative net outflow of ₹39,450.60 crore from Indian markets.
Equity bore the brunt of the selling, with net outflows of ₹7,375.05 crore on March 13. The stock exchange segment alone saw net equity sales of ₹7,311.10 crore, while the primary market and others segment recorded a net outflow of ₹63.95 crore. Gross equity purchases stood at ₹16,081.97 crore against gross sales of ₹23,457.02 crore.
Debt instruments offered a mixed picture. The Debt-General limit segment turned positive, recording a net inflow of ₹503.92 crore, driven largely by primary market activity of ₹765.42 crore in purchases. Debt-VRR also posted a marginal net inflow of ₹87.89 crore. However, Debt-FAR remained under pressure with net outflows of ₹511.52 crore. Mutual fund schemes together saw a net outflow of ₹197.72 crore, with debt schemes accounting for ₹153.36 crore of that total.
The week’s selling was relentless. Daily net outflows ranged from ₹7,491.51 crore on March 13 to ₹8,405.83 crore on March 12, the heaviest single-day outflow of the week. March 11 saw outflows of ₹7,983.88 crore, followed by ₹7,960.37 crore on March 10 and ₹7,609.01 crore on March 9.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that…”The sustained FPI selling continued unabated in March. FPIs were net sellers on all trading days in March. The total FPI selling through exchanges through 13th March stood at ₹54,455 crores.”
He attributed the selling to…”weakness in global equity markets following the war in West Asia, the steady depreciation of the rupee and concerns surrounding the impact of high crude price on India’s growth and corporate earnings.” Vijayakumar pointed out that…”FPIs regard South Korea, Taiwan and China as better markets to invest since they are relatively cheaper than India even after the recent correction,” adding that…”further selling by FPIs in India is likely in the short term.”
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said FIIs were…”net cash sellers to the tune of ₹46,166.58 crore as of March 2026 (till date).” He described global equity markets as remaining…”under stress amid continued conflict in West Asia and the absence of off-ramps,” and said…”FPI flows are expected to remain volatile.”
On the derivatives front, FPI open interest in index futures rose to 2,87,383 contracts (₹44,829.76 crore) on March 13, up from 2,69,670 contracts on March 12. Stock futures open interest stood at 68,45,218 contracts worth ₹4,23,622.66 crore. Index options open interest was at 29,03,070 contracts valued at ₹4,50,916.22 crore.
Sachin Sawrikar, Managing Partner at Artha Bharat Investment Managers IFSC LLP, observed that…”currency volatility also impacts returns for foreign portfolio investors,” noting that since global investors evaluate returns in dollar terms, rupee depreciation erodes equity gains and influences capital allocation decisions. He added that…”domestic institutional flows and improving financialization of household savings have increasingly provided stability to Indian markets,” and that…”while geopolitical shocks may drive near-term volatility, India’s structural growth drivers remain intact.”