FPIs have gradually shifted their focus to the primary market and away from the secondary market. They were net sellers in the secondary market in four out of the past five years with an exception in 2023 when they were net buyers of equities worth $15.5 billion (₹1.3 lakh crore). This trend has pulled down their net investments in Indian equities over the past 10 and five years on a rolling basis. The 10-year rolling net investment has fallen to a decade low of $33.7 billion in 2025 so far from the peak $113.7 billion in 2019. In addition, the five-year rolling data has turned negative for the first time in a decade, indicating an outflow of $10.2 billion in the five years to 2025 as of December 12.
reinforces shift away from secondary mkt
In 2025 so far, they have sold $26.1 billion (₹2.3 lakh crore) worth of equities in the secondary market, the highest ever and also, significantly higher than the previous peak selling worth $19.6 billion (₹1.5 lakh crore) in 2022. In 2024, their secondary market selling was $14.4 billion (₹1.2 lakh crore).
While the primary market has continued to attract foreign funds, the pace has slows0ed down in 2025. In the current year as of December 12, FPIs invested $7.7 billion in the primary market compared with a record $14.5 billion worth of net purchases in 2024.
Domestic funds have continued to be net buyers of local equities in each of the 12 months of 2025. Tshey have invested ₹4.7 lakh crore in equities till December 10, a tad higher compared with ₹4.3 lakh crore in 2024.
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