Mumbai: Foreign Portfolio Investors (FPIs) have staged a remarkable comeback in Indian equities, pumping ₹84,290 crore into domestic stocks during the first fortnight of November 2026. The sharp turnaround follows two consecutive months of heavy selling, supported by falling crude oil prices, attractive valuations and a global shift away from artificial intelligence-linked stocks.
According to depository data, foreign investors infused ₹84,290 crore between November 2 and 13, covering nine trading sessions. This comes after withdrawals of ₹34,843 crore in October and ₹35,861 crore in September.
What Triggered The Comeback?
The renewed buying has been driven by a combination of global and domestic developments.
Brent crude prices declined nearly 13% during the first week of November to around $97 per barrel, easing concerns over India’s import bill and inflation.
Meanwhile, a sell-off in global AI-related stocks prompted international investors to diversify their portfolios towards markets such as India.
Rohan Goyal, Investment Research Analyst at MIRA Money, attributed the inflows to improving domestic earnings visibility, attractive large-cap valuations and easing geopolitical concerns.
However, Vedant Gupte, Co-Founder and CEO of Trackk, cautioned that the buying represents a tactical shift rather than a confirmed structural return.
Banking Stocks Lead Rally
Sustained foreign investments helped the Nifty reclaim the crucial 25,000 level, with banking and other heavyweight stocks attracting significant interest.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments, financials, telecom, capital goods, pharmaceuticals and automobiles witnessed aggressive buying.
Short-covering in leading banking stocks further strengthened the rally.
Despite November’s strong inflows, cumulative FPI withdrawals from Indian equities in 2026 remain around ₹2.1 lakh crore, compared with nearly ₹3 lakh crore earlier.
What Lies Ahead?
Market participants will closely monitor US Federal Reserve minutes, crude oil movements, rupee fluctuations and expectations surrounding RBI monetary policy.
Dheeraj Gaur of Choice Wealth said remaining quarterly earnings, broader market participation and the Nifty’s ability to sustain above 25,000 would influence sentiment.
In debt markets, FPIs invested ₹7,815 crore through the Fully Accessible Route and ₹1,167 crore through the general route, while withdrawing ₹702 crore through the Voluntary Retention Route.
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