- Foreign institutional investors bought a net Rs 14,974.68 crore of Indian shares on Thursday
- FIIs have purchased about Rs 32,210 crore of shares in five consecutive sessions this week
- Sensex rose 2.60% to 79,310.01 and Nifty 50 gained 2.40% to 24,536.60 on FII buying
Foreign institutional investors (FIIs) bought a net Rs 14,974.68 crore of Indian shares on Thursday, according to provisional data from the National Stock Exchange covering NSE, BSE and MSEI. They bought shares worth Rs 31,797.86 crore and sold Rs 16,823.18 crore. Domestic institutional investors (DIIs) took the other side, net selling Rs 10,444.54 crore.
Thursday was the fifth straight session of FII buying. Exchange data show net purchases of Rs 3,114.68 crore on Monday, Rs 6,836.81 crore on Tuesday and Rs 7,284.03 crore on Wednesday. Including Thursday, FIIs have bought about Rs 32,210 crore of shares this week.
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The buying lifted the benchmarks for a sixth straight session. The Sensex closed 2,008.61 points, or 2.60%, higher at 79,310.01, whereas the Nifty 50 gained 576 points, or 2.40%, to 24,536.60.
Turnaround After A Year Of Selling
The reversal stands out because 2026 has been a year of heavy selling. NSDL data show foreign portfolio investors (FPIs) have net sold Rs 2,72,452 crore ($29.02 billion) of Indian equities so far this calendar year, up to the November 5 reporting date. FPIs were net sellers in seven of the first 10 months. March was the worst month, with net equity outflows of Rs 1,17,775 crore, and selling continued in September (Rs 35,861 crore) and October (Rs 34,843 crore). November has so far seen net equity inflows of Rs 22,693 crore.
Three factors explain the U-turn.
1. India's Earnings Outlook And Relative Appeal
One of the key drivers is India's own story. Corporate earnings are improving, and markets hope the long-term capital gains (LTCG) tax may be abolished in the coming Budget. VK Vijayakumar, chief investment strategist at Geojit Investments, was reported as saying by the Business Standard that these factors, together with cheaper crude, have “completely changed the FII's stance towards India".
India's limited exposure to AI stocks is also helping. As global investors unwind crowded AI trades in markets such as Taiwan and South Korea, India offers an alternative. “Foreign portfolio inflows can pick up as India stands out from the AI unwind,” Anindya Banerjee, head of commodity and currency research at Kotak NEO, was quoted as saying by PTI.
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2. Brent's Slide
The biggest trigger has been the collapse in crude prices. Democrats won both houses of the US Congress in the midterm elections, raising hopes of an earlier end to the US-Iran conflict. Brent crude futures fell 8.7% on Wednesday to settle at $94.62 a barrel, the benchmark's lowest close since Aug. 31, and hovered around $94–96 on Thursday. India imports most of its crude, so cheaper oil shrinks its import bill, eases inflation pressure and improves the current account deficit.
3. US Treasury Yields Are Cooling
The same election outcome set off a rally in US government bonds. US Treasury data show the 10-year par yield fell from 4.95% on Tuesday to 4.90% on Wednesday, 41 basis points below its Oct. 5 high of 5.31%. The yield eased further in early Thursday trade. Lower US yields make dollar assets less attractive and emerging-market equities such as India's relatively more attractive.
Analysts, however, caution that the latest FII inflows should not considered as a sign of sustained rebound. The turnaround story still depends on global factors, at the foremost being crude, which is sensitive to the ongoing backchannel talks between the US and Iran.
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