The inflows follow three consecutive months of heavy selling, with FPIs pulling out ₹35,962 crore in January, ₹22,611 crore in December, and ₹3,765 crore in November, according to data from depositories.

Foreign Portfolio Investors (FPIs) staged a sharp turnaround in early February, pumping ₹19,675 crore into Indian equities in the first fortnight, supported by the US-India trade deal and easing global macro concerns.

The inflows follow three consecutive months of heavy selling, with FPIs pulling out ₹35,962 crore in January, ₹22,611 crore in December, and ₹3,765 crore in November, according to data from depositories.

Overall, in 2025, FPIs pulled out a net ₹1.66 lakh crore (USD 18.9 billion) from Indian equities, marking one of the worst periods for foreign flows. The selling was driven by volatile currency movements, global trade tensions, concerns over potential US tariffs and stretched equity valuations.

According to the data, FPIs invested ₹19,675 crore in this month (till February 13).

What experts say

Himanshu Srivastava, principal manager – research, at Morningstar Investment Research India, said the recent buying was supported by easing global macro concerns, particularly softer US inflation data, leading to a positive sentiment towards the interest rate cycle, which helped stabilise bond yields and the US dollar.

This improved risk appetite toward emerging markets, including India.

Domestically, steady macro indicators, stable inflation, and broadly in-line corporate earnings reinforced confidence in India’s growth outlook, he added.

Echoing similar views, Vaqarjaved Khan, senior fundamental analyst at Angel One, said the inflow was triggered by the US-India trade deal, the supportive Union Budget 2026 with fiscal stimulus, easing global trade uncertainties, and stable domestic rates.

FPIs were net buyers on seven of the eleven trading sessions in February up to the 13th, turning sellers on only four occasions. Despite this, data shows that FPIs have net sold equities worth ₹1,374 crore so far this month.

The overall figure was skewed by a sharp sell-off of ₹7,395 crore on February 13, when the Nifty declined by 336 points. The week also saw heavy selling in IT stocks amid the so-called “Anthropic shock”.

It is likely that FPIs offloaded IT stocks aggressively in the cash market, as the IT index plunged 8.2 per cent during the week ended February 13, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.