Too early to call it a trend. Foreign investors bought US$4.1 billion of Indian shares in the five days NSDL reported for 2 to 6 November 2026, which are the trades of 30 October to 5 November. In dollars it is the third-biggest five-day run since 2005, and in rupees (Rs 38,971 crore) the biggest.
What the buying looked like. 99% came through the stock exchanges, and domestic institutions net sold about Rs 19,000 crore on the same trading days, per NSE.
The size of the hole. Foreign investors have net sold about US$58 billion since the 30 September 2024 peak. The net since January 2019 is about zero (minus US$0.7 billion). The running total from October 2023 was minus US$40.0 billion on 6 November, after a low of minus US$45.9 billion on 16 October.
The last two bounces did not hold. They bought US$2.5 billion in February 2026 and then sold US$27.8 billion from March to June. They bought US$5.2 billion in July and August and then sold US$7.3 billion in September and October.
What earlier runs of this size showed. Five earlier runs of US$2.5 billion or more came after at least US$2 billion of selling in the prior 60 sessions. Four were followed by more net buying over the next 60 sessions and one, in December 2024, by US$16 billion of selling. Over 250 sessions the two most recent, December 2024 and March 2025, were followed by heavy net selling. The data supports neither coincidence nor a trend.
The case for a turn. CNBC on 6 November calls India an AI hedge, a place for money leaving the AI sell-off, and quotes JPMorgan on potential inflows of around US$115 billion if foreign funds close their underweight. Bernstein and Marcellus reject the label. Templeton says the Nifty trades below its 10-year average forward multiple, while Bernstein says India still trades at a premium to other emerging markets. Returns lag: to 6 November the Nifty is down about 15% in dollars since September 2024 and the S&P 500 is up about 28%. Ajit Dayal puts the blame on how India treats foreign money, which is his opinion.
Amar Harolikar's read on an AI sell-off. A small revaluation could send money to India, as CNBC argues. A big bust with global stress is more likely to send money to safety first: foreign investors net sold US$12.0 billion of Indian shares in 2008 and US$8.3 billion in March 2020, then bought US$17.5 billion in 2009 and US$29.4 billion from April to December 2020. It could also be down first and up fast.
Data notes. NSDL dates each day's trades one business day later, so its 6 November entry is the trades of 5 November. A later NSDL print could change the five-day run. All figures are NSDL's, except the domestic institutions' selling, which is NSE's. For information only. Not investment advice.
Full post with the one-pager: https://www.tigzig.com/post/india-fpi-turn-foreign-money-coming-back-nov2026. CNBC, 6 November: cnbc.com/2026/11/06/india-ai-tech-hedge-nifty50.html. Related: how much have foreign investors taken out of Indian stocks? and which sectors have foreign investors been selling?
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