US$58.6 billion net, from October 2024 to September 2026. That is NSDL's net equity flow for foreign portfolio investors (FPIs), and it is more than the US$37.0 billion they put in during the 2023-24 rally. They were net sellers in 16 of those 24 months, and sold another US$5.1 billion in October 2026 up to the 19th.
How it builds up.
- Counting from January 2015, their net buying peaked at US$67.2 billion in September 2024. Most of that has now gone back out.
- The selling on the stock exchanges was larger than the net figure. FPIs net sold US$79.5 billion on the exchanges and put US$20.9 billion into IPOs, placements and other primary deals.
- They were net sellers in 15 of 23 sector groups. Six groups made up 80% of the selling, led by financials and IT. Their biggest net buys were metals and mining, services, telecom and capital goods.
What they still own. FPIs hold about US$689 billion of Indian shares, down from US$930 billion in September 2024, mostly because share prices and the rupee fell. Their share of NSE-listed companies fell from 17.7% in September 2024 to 15.1% in June 2026, which NSE puts at the lowest in 69 quarters. Domestic institutions now own 19.5%, and have owned more than FPIs since December 2024.
Over the same period the Nifty 50 is down 22% in dollars and the S&P 500 is up 33%, both measured from 26 September 2024, the Nifty's record close at the time.
Notes on the data. Flows are NSDL's net investment in equity, in its own dollar report. The running total depends on its start year: counted from January 2020 it is already below zero. Holdings are NSDL's assets under custody at market value, so they move with prices and the rupee as well as with buying and selling. Ownership shares are from NSE's Market Pulse.
Related: the May 2026 snapshot of India's growth worries. Full analysis with the deck: https://www.tigzig.com/post/fpi-foreign-money-leaving-india-oct2026. Not investment advice.
Building something like this? How I work covers the rates, the availability and what I take on.