Foreign Portfolio Investor (FPI) sales have totaled ₹13,925 crores, as of November 14th. The current trend of FPIs investing in the primary market remains robust, with investments reaching ₹7,833 crores recorded so far this month. In 2025, the total amount of FPI sales through exchanges has reached ₹208,126 crores, while investments in the primary market stand at ₹62,125 crores, as per NSDL.
The trend in foreign portfolio investments indicates a clear shift towards primary markets. With an anecdote, Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund Foreign explained that funds right now are behaving like diners at a buffet who’ve decided the main course is a bit too heavy, so they’re skipping the old dishes and lining up for the freshly served starters instead.
“That’s why you’re seeing them trim secondary-market exposure while happily piling into primary issuances. Unless global liquidity loosens or we get a big India-specific catalyst, this pattern should continue: a little pressure in the secondary market, balanced by strong appetite for new paper,” said Gulati.
IPO market in November
In November 2025, the IPO market has been particularly vibrant and varied, featuring several notable listings across industries like fintech, clean energy, edtech, and industrial manufacturing.
So far, November has been lively with IPO activity, marking 7 mainboard IPOs available for subscription and 5 successful listings. Major IPOs introduced in November 2025 include Pine Labs, Groww, Capillary Technologies, and Fujiyama Power Systems, among others.
FPI selling patterns
Looking from the secondary market perspective, analysts suggest that India’s relative underperformance compared to other markets has intensified the trend of selling in India while investors are buying into other markets, which are seen as the main beneficiaries of the current AI-driven market.
“The FII selling in India, for most part of this year, has been driven driven by a combination of factors like higher valuations in India, tepid earnings growth and the booming AI trade in other markets like US, China, South Korea and Taiwan. FIIs, particularly hedge funds, have been selling in India and moving money to cheaper markets, particularly to AI stocks,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
Examining historical trends, Elara Capital pointed out that foreign institutional investors have developed a negative outlook on Indian equity markets since August 2024, coinciding with the strengthening likelihood of Trump’s re-election as President of the United States. From FY25, FPI equity inflows have recorded negative numbers on a net basis in 10 out of 19 months.
What will be the FPI trend going ahead?
Several factors have influenced the interest in FPI flows into India, including relative valuations, escalating geopolitical uncertainties, increased tariffs, lackluster earnings, and absence of an attractive AP play, believes Elara Capital; however, the brokerage analysis indicates that the primary factor affecting FPI interest in India’s equity markets is nominal growth.
Dr. VK Vijayakumar, highlighted that the FII buying/investment through the primary market has been a consistent trend and this will continue.
From a secondary market perspective, Vijayakumar believes a reversal of the FII selling will happen when the AI trade loses steam and earnings in India improve. This is a likely trend in Q3 FY 26, according to Vijayakumar.
What next for Nifty 50?
The secondary market has experienced significant volatility due to macroeconomic and political events along with various domestic factors. In November, the Nifty 50 has increased by 0.7% so far and is currently close to it’s all-time high levels. The index climbed from approximately 25,500 at the beginning of the month to about 26,000 by mid-November.
Mohit Gulati, said that for the Nifty 50 to break into fresh-high territory, we’ll need a headline moment — think an India-US trade breakthrough, a clean Fed pivot, or earnings that make analysts blush.
“If that plays out, 26,300–26,500 is on the table. If not, we’re more likely to drift in the 25,500–26,000 zone for now,” added Gulati.
Similarly, Kunal Kamble, Sr. Technical Research Analyst at Bonanza explained that based on current market structure, fresh FII participation is likely to emerge near 26,100, with more aggressive accumulation expected around 26,300. Accordingly, the near-term Nifty 50 target stands at 26,250–26,500.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.