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Despite FIIs being net buyers (USD 1.3bn) in Dec’24, the Nifty50 was down 2% MoM. Similar to Nov’24, Dec’24 was a tale of two halves. In Nov’24, Indian equities witnessed FIIs turning net buyers in 2H with inflows of INR 13bn (USD 159mn) vs. outflows of INR 195bn (USD 2.3bn) in 1H. In Dec’24, the positive trend continued through 1H where FIIs bought stock worth INR 269bn (USD 3.1bn). In 2H they turned net sellers and offloaded stock worth INR 158bn (USD 1.9bn).

* FIIs were net buyers in Dec’24; but selling intensified in 2H: Although FIIs remained net buyers in Dec’24, selling intensified in the second half, the impact of which was seen on the Indian equity markets with the Nifty50 correcting 2%. Indian equity markets saw net FII inflows of INR 111bn (USD 1.3bn) in Dec’24, after 2 consecutive months of net outflows (in Oct’24 and Nov’24). Dec’24, akin to Nov’24, was a tale of two halves. In Nov’24, FIIs were net sellers in 1H with outflows of INR 195bn (USD 2.3bn), and turned net buyers through 2H to the tune of INR 13bn (USD 159mn). In Dec’24, FIIs continued the buying momentum through 1H, purchasing stock worth INR 269bn (USD 3.1bn), but turned net sellers in 2H, offloading stock worth INR 158bn (USD 1.9bn). In the four trading sessions post-Christmas, FIIs were net sellers with outflows of nearly USD 956mn.

* Oil & gas, autos, and FMCG saw the largest FII outflows: Sectors that saw the highest outflows included oil & gas (outflow for the third consecutive month) and autos (outflow for the fifth consecutive month) of USD 1.3bn and USD 513mn respectively. The negative trend in FMCG continued for the third consecutive month with outflows of USD 327mn.

* IT, Pharma, BFSI and Capital Goods saw the largest inflows: IT saw the highest inflows of USD 1.1bn, followed by Pharma at USD 442mn. BFSI and Capital Goods each saw inflows of USD 368mn.

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