Foreign Portfolio Investors (FPIs) turned net buyers in Indian equities during the four-day trading week ending April 17, 2026, infusing a net ₹4,794.28 crore into Indian stocks, according to data on the National Securities Depository Limited (NSDL). Markets were closed on Tuesday, April 14, on account of Ambedkar Jayanti.
The week saw a sharp swing in FPI sentiment. On April 13, FPIs were net buyers in equities to the tune of ₹1,509.37 crore. However, the trend reversed on April 15, when they turned net sellers, offloading equities worth ₹1,435.44 crore. The reversal proved short-lived — FPIs returned aggressively as buyers on April 16, recording the week’s highest single-day net equity inflow of ₹3,098.97 crore, followed by a further ₹1,621.38 crore on April 17.
Across all asset classes — including equity, debt, hybrid, and mutual funds — FPIs recorded a cumulative net inflow of ₹3,717.44 crore for the week, as per NSDL data. This compares against a largely negative trend in the broader month-to-date picture: Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that “FPIs continued selling in April taking the total sell figure for April through 17 to ₹44,929 crore,” adding that “the total FPI selling in 2026, so far, now stands at ₹1,86,070 crore.”
Rupee hopes, macro triggers
Despite the monthly outflow trend, the week’s reversal in equity flows signals a possible turning point. Vijayakumar pointed to currency dynamics as a key factor, noting that “RBI’s strong action curbing excessive speculative activity in the currency markets has reversed the trend of sustained rupee depreciation,” and that “in anticipation of stability in the rupee, FPIs turned buyers, though marginally, in the last three trading days.”
Geopolitical developments in West Asia served as the dominant macro trigger shaping FPI behaviour through the week. Himanshu Srivastava, Principal Research at Morningstar Investment Research India, attributed the shift to “easing of geopolitical tensions following the announcement of a ceasefire in the West Asia,” adding that the consequent cooling in crude oil prices helped moderate “fears of inflationary pressures and the consequent delay in global rate cuts.”
On the debt side, flows remained mixed. FPIs were net sellers in Debt-General Limit and Debt-VRR across most sessions. However, Debt-FAR witnessed net buying on April 13 (₹410.20 crore) and April 17 (₹1,657.28 crore), partially offsetting outflows recorded on April 15 and April 16.
What lies ahead?
Looking ahead, analysts expect FPI flows to remain sensitive to global cues, particularly developments around the US-Iran nuclear negotiations and the trajectory of West Asian geopolitics.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that “global equity markets continued to trade predominantly on news flows around the West Asian conflict,” cautioning that “FPI flows are expected to remain volatile.” Pabitro Mukherjee, Associate Vice President-Research at Bajaj Broking, added that “developments in US–Iran negotiations remain a key monitorable due to their potential impact on geopolitical stability and global energy markets.”
On the domestic side, Srivastava noted that the recent correction had brought “valuations relatively more reasonable compared to earlier elevated levels, prompting selective buying interest,” while Vijayakumar added that “the strong flows into mutual funds and resilience in SIP inflows will help support the market.”
Published on April 18, 2026
