India Strategy : FII Monthly Flow Tracker - Oct 2025 by JM Financial Services Ltd
In Oct’25, both FIIs and DIIs were net buyers (to the tune of USD 1.3bn and USD 6.0bn respectively) in the Indian equity market. Sectors that saw the highest FII outflows included FMCG (USD 482mn), Services (USD 391mn), Pharma (USD 351mn), IT (USD 248mn), Durables (USD 198mn) and Chemicals (USD 105mn), while sectors that saw the highest inflows included BFSI (USD 1,501mn), O&G (USD 1,030mn), Metals (USD 355mn), Telecom (USD 243mn), Auto (USD 110mn) and Power (USD 109mn).
* FIIs were net buyers throughout the month: In Oct’25, FIIs were net buyers to the tune of INR 110.5bn (USD 1.3bn) while Nifty rose 4.5% MoM, after a 0.8% rise in Sep’25. FII turned net buyers after 3 consecutive months of being net sellers. FIIs were net buyers throughout the month and only on a few days were they net sellers with a high quantum of selling seen towards the end of the month.
* FMCG, Services, Pharma, IT, Durables, Chemicals saw the largest FII outflows: Sectors that saw the highest outflows included FMCG (USD 482mn), Services (USD 391mn), Pharma (USD 351mn), IT (USD 248mn), Durables (USD 198mn) and Chemicals (USD 105mn). ? BFSI, O&G, Metals, Telecom, Auto, Power saw FII inflows: BFSI saw inflows of USD 1,501mn in Oct’25, followed by O&G at USD 1,030mn, Metals at USD 355mn, Telecom at USD 243mn, Auto at USD 110mn and Power at USD 109mn.
* Top 5 sectoral holdings unchanged: In terms of equity holdings by FIIs, BFSI, Auto, IT, Oil & Gas and Pharma remained the top 5 sectors. These five sectors in together account for ~60% of FII assets in India. Of these, there was a sequential uptrend in BFSI and IT while Auto and O&G saw a decrease. Pharma remained flat. As a % of FII AUC in India, BFSI remained the highest at 31.7%, rising from 31.2% in Sep’25. FIIs were net buyers of BFSI equities in Oct’25; Auto was the second highest at 7.7%, falling from 8% in Sep’25. FIIs were net buyers of Auto equities in Oct’25; IT Services was the third highest at 7%, rising from 6.9% in Sep’25. FIIs were net sellers of IT Services equities in Oct’25; O&G was the fourth highest at 6.9%, falling from 7% in Sep’25. FIIs were net buyers of O&G equities in Oct’25; Pharma was the fifth highest at 6.7%, remaining constant vs. Sep’25. FIIs were net sellers of Pharma equities in Oct’25.
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