FII Outflows 2026: ₹254,000 crore sold so far

What has changed in 2026 so far

Foreign institutional investors (FIIs), also referred to as foreign portfolio investors (FPIs) in market data, have stepped up selling in India’s secondary equity markets in 2026. The pace of net selling is running at over ₹400 crore per trading hour across 96 trading sessions so far in 2026. That is more than double the reported pace of ₹161 crore per hour across 241 sessions in the full 2025 calendar year.

In absolute terms, the year-to-date selling cited in the dataset already exceeds last year’s full-year outflows. Secondary market sales are reported at more than ₹254,000 crore in 2026 so far, compared with nearly ₹240,000 crore for all of 2025, even though several months of 2026 are still left.

Pace indicator: selling per trading hour

The “per trading hour” metric highlights how concentrated foreign selling has been in 2026, based on the numbers provided. With ₹400 crore-plus being sold each trading hour, intraday flows have been heavy enough to influence market breadth and liquidity, even if headline indices do not always reflect the churn.

The comparison with 2025 shows the intensity: ₹161 crore per trading hour last year versus over ₹400 crore this year. The 2026 figure is computed over fewer sessions (96) than the 2025 full-year session count (241), which makes the higher pace notable.

How large are the outflows: competing YTD estimates

Multiple data points in the provided text describe 2026 secondary-market outflows. NSDL-linked figures cite FPIs selling equities worth over ₹219,000 crore through the secondary market so far this year. Another set of figures cited in data and market commentary puts 2026 secondary-market outflows at about ₹206,000 crore.

Separately, NSDL data is also cited showing FIIs sold nearly ₹198,000 crore in secondary markets between January 1 and April 30, 2026. Provisional NSE data then indicated additional selling of around ₹4,000 crore till May 4, taking this particular track close to ₹202,000 crore by early May.

These figures differ across sources and cut-off dates mentioned in the dataset, but all point to a common conclusion: 2026 has already seen very large secondary-market selling by foreign investors within the first few months.

Comparison with 2025 and 2024

The scale of 2026 outflows stands out against recent history. Secondary-market selling of ₹240,000 crore is cited for 2025, while ₹129,000 crore is cited for 2024. The 2026 year-to-date selling referenced in the dataset is already approaching or exceeding the 2025 full-year number depending on the specific estimate used.

This comparison is important because it frames 2026 not as a routine year of profit-taking, but as a phase of sustained selling pressure that is approaching full-year levels seen earlier, within a much shorter time window.

Month-wise selling: where pressure was sharpest

The dataset also provides monthly outflow figures and explains what coincided with the sharpest selling. It states that the sharpest selling was seen in March at ₹120,000 crore, amid the West Asia crisis and a spike in crude prices. The same dataset lists outflows of ₹70,135 crore in April, ₹41,435 crore in January, and ₹6,640 crore in February.

These numbers indicate that selling was not evenly distributed across the year, with March accounting for the largest reported monthly hit in the period cited.

Primary market flows: a different trend

Despite heavy selling in the secondary market, the dataset notes that FIIs continued participation in the primary market. One NSDL-linked data point states year-to-date overall investment through the primary market at ₹12,468 crore.

Another set of figures (cited in the dataset) puts primary market investment at about ₹12,156 crore in 2026 so far, and also cites primary market investment of ₹121,000 crore in 2024 and ₹73,910 crore in 2025. The same section adds that IPOs offered relatively better valuations and delivered an average return of about 37.1%, compared with just over 7% average returns in the secondary market.

Domestic investors offsetting flows

The dataset also points to domestic institutional investors (DIIs) acting as a counterbalance to foreign selling. On June 2, FIIs were net sellers of ₹8,363 crore, while DIIs were net buyers of ₹9,589 crore.

This kind of offset matters for day-to-day market stability, because it indicates that while foreign flows have been negative, local institutional demand has provided liquidity and absorption on key sessions.

Why FIIs are selling: the reasons cited

The provided text links the selling to valuation concerns and global uncertainty. It also cites geopolitical tensions and elevated crude prices as drivers of risk-off sentiment. Another theme mentioned is rotation toward other Asian markets where valuations are seen as more attractive.

These reasons are presented as contributing factors to the persistence of outflows in 2026, rather than a one-off event tied to a single session.

Key figures at a glance

Monthly outflows cited for early 2026

Market impact and what investors will track

The outflow numbers underline why 2026 flows have become a key market variable. A selling pace of over ₹400 crore per trading hour can influence intraday volatility and sector-level moves, even when broader indices appear resilient. The data also suggests that domestic institutions have, at times, absorbed foreign selling, as reflected in the June 2 net flow figures.

Going forward, the most concrete signposts mentioned in the dataset remain the continuing updates from depository and exchange sources, including NSDL secondary-market flow data and provisional NSE figures. Investors will also track whether the monthly selling pattern seen in March and April continues or moderates, alongside the global factors already cited such as crude prices and geopolitical tensions.