FPIs pull out ₹13,944 crore in shortened week, equity outflows dominate amid global headwinds

Foreign portfolio investors (FPIs) remained net sellers in Indian markets for the shortened trading week ending April 30, 2026, pulling out a total of ₹13,944.59 crore across equity, debt, hybrid, and mutual fund instruments over four sessions — Monday through Thursday — as markets stayed closed on Friday for Maharashtra Day.

The selloff was heavily skewed toward equities. According to data from the National Securities Depository Limited (NSDL), FPIs recorded net equity outflows of ₹8,721.65 crore on Monday, April 27, making it the steepest single-session sell-off of the week. Tuesday saw net equity outflows narrow to ₹4,188.34 crore, followed by ₹1,991.87 crore on Wednesday and ₹1,978.63 crore on Thursday — bringing the week’s total net equity outflow to ₹16,880.49 crore.

Overall outflows show easing trend

The overall daily outflow picture, however, showed a clear moderating trend across all asset classes combined. From a net outflow of ₹8,800.14 crore on Monday, the figure eased to ₹3,811.46 crore on Tuesday, then to ₹1,112.37 crore on Wednesday, before narrowing sharply to ₹220.62 crore on Thursday — suggesting that selling pressure, while persistent, was losing intensity by the end of the week.

Debt markets provide partial support

Debt markets offered a partial counterweight. While FPIs were net sellers in certain debt segments — particularly the Fully Accessible Route (FAR) on Monday and Tuesday — they turned net buyers in FAR on Wednesday (₹1,338.95 crore) and Thursday (₹1,257.01 crore). The Voluntary Retention Route (VRR) segment also saw inflows on Monday (₹1,591.32 crore) and Tuesday (₹911.10 crore), even as general limit debt flows remained mixed through the week.

Global headwinds drive sustained outflows

The backdrop to the sustained outflows was a cocktail of global headwinds. “During April, FPIs were sellers in the market for ₹63,167 crore while they invested ₹2,319 crore through the primary market, taking the net FPI outflows to ₹60,848 crore,” said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. He added that “the total FPI outflows from India in 2026, so far, stand at a massive ₹1,91,968 crore.”

Vijayakumar pointed to a structural shift in the direction of foreign capital. “Japan, South Korea and Taiwan are attracting significant inflows while India and some other emerging markets — which are facing headwinds from the energy crisis and currency depreciation — are facing outflows,” he said. The AI trade, he noted, was a key driver, with semiconductor giants in South Korea and Taiwan cornering a lion’s share of foreign inflows. “So long as the AI trade continues, the trend of FPI outflows from India is likely to continue,” he added.

Geopolitics, crude surge add pressure

Geopolitical uncertainty compounded the pressure. Renewed tensions around the U.S.–Iran situation and elevated crude oil prices weighed on risk appetite, with the rupee touching historic lows during the week. “Brent crude surged over 7 per cent week-on-week, approaching $114 per barrel — reigniting inflationary fears,” noted Dr Ravi Singh, Chief Research Officer at Master Capital Services Ltd., adding that the rupee’s depreciation to a historic low widened India’s import bill and compressed risk appetite further.

Domestic investors cushion market impact

Despite the outflows, domestic institutional investors continued to absorb selling pressure, providing a floor to the market. The Nifty 50 ended the week with a modest gain of 0.42 per cent, closing at 23,997.55, while the BSE Sensex edged up 0.33 per cent to close at 76,913.