“FPI Selling Intensifies in India: $3.96 Billion Equity Exodus in Early April 2025”
In the first half of April 2025, FPIs pulled out nearly $4 billion from Indian equities, led by heavy selling in IT, Financials, Capital Goods, Metals & Mining, Oil & Gas and Automobiles. Despite the outflows, overall AUC rose—indicating structural holdings remain intact. Explore the sector-wise flows, triggers behind the shift, and what it signals for Indian markets.
FPI Selling Is Back, After The Late Buying In March 2025
FPI flow for first fortnight of April 2025 (NSDL data) looked similar to the first fortnight of March 2025. FPI selling of $(3.96) billion in first half of April, was more than $(3.45) billion in H1-March 2025. Additionally, FPIs sold debt worth $(1.71) billion in the first fortnight of April. What about AUC (assets under custody)? As of April 15, 2025, the FPI equity AUC stood at $773.35 billion compared to $721.84 billion on March 15, 2025. FPI AUC of equity and debt stood at $853.23 billion, against $802.91 billion on March 15, 2025. March second half was the saving grace!
| Sectoral Classification | FPI Flows ($ Million) | Sectoral Classification | FPI Flows ($ Million) |
|---|---|---|---|
| Information Technology | -1,614 | Chemicals | -36 |
| Financial Services | -525 | Consumer Services | -19 |
| Capital Goods | -352 | Textiles | -8 |
| Metals & Mining | -330 | Utilities | -3 |
| Oil, Gas & Consumable Fuels | -322 | Forest Materials | -2 |
| Automobile and Components | -299 | Diversified | 3 |
| Construction | -287 | Power | 3 |
| Healthcare | -161 | Media, Entertainment | 12 |
| Services | -137 | Others | 35 |
| Consumer Durables | -120 | FMCG Sector | 69 |
| Construction Materials | -71 | Telecommunication | 249 |
| Realty | -42 | Grand Total | -3,959 |
| Data Source: NSDL |
Intense FPi Selling In First Half Of April 2025
Out of a total 23 sectors covered by NSDL, a total of 17 sectors saw selling while only 6 sectors witnessed net buying in the first half of April 2025. There was just one sector (Telecommunications) which saw buying of over $100 million, largely due to the heavy institutional demand for Bharti Airtel. On the downside, a total of 10 sectors saw FPI selling of more than $100 million. The selling intensity has been clearly much stronger; with the IT sector, once again, bearing the brunt of FPI selling in H1-April also.
Sectors Seeing Maximum FPI Selling In First Half Of April 2025
These 6 sectors saw maximum FPI selling in H1-April 2025.
- Information Technology led the way with $(1,614) Million of net selling in first fortnight of April 2025, on tech spending concerns and weak dollar index.
- BFSI saw net selling of $(525) Million in H1-April 2025, due to concerns over impact of rate cuts on the NIMs of major private sector banks.
- Capital Goods saw net selling of $(352) million, which was an outcome of the slowdown in government capex spending in the latest fiscal year.
- Metals & Mining saw net selling of $(330) million as the China demand story is likely to be hit badly by the punitive tariffs imposed on them by the US.
- Oil & Gas saw net selling of $(322) million on concerns that oil demand globally could be deeply impacted by the demand contraction, post tariffs.
- Automobiles saw net selling of $(299) million on the back of tariff impact and the likely disruption of global automobile supply chains.
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