Telecom stands out in FPI sell-off with ₹14,326 cr inflows, highest since 2022
Subscribe to enjoy similar stories. MUMBAI : Even amid a broader market sell-off, which saw foreign portfolio investors (FPIs) pull a net ₹3,765 crore from Indian equities in November, one sector stood out: telecommunications. The outflow came after FPIs turned net buyers in October, snapping a three-month selling streak.
Yet, in a striking display of selective buying, FPIs channelled ₹14,326 crore into telecom stocks alone—their strongest monthly inflow since April 2022, according to the latest data from National Securities Depository Ltd (NSDL). This performance made telecommunications the top-gaining sector in November, even as key segments such as realty and information technology (IT) saw FPI outflows. In October, when overseas investors poured ₹14,610 crore into equities, telecom attracted inflows of ₹2,160 crore.
The sector has drawn net inflows of ₹47,988 crore so far in 2025, sharply higher than ₹23,737 crore in 2024 and ₹5,529 crore in 2023. The oil and gas sector has been the next major beneficiary of this cautious shift. The sector attracted ₹7,169 crore in November, while cumulative net inflows for 2025 stand at ₹6,075 crore.
“The shift towards telecom and oil and gas has more to do with earnings recovery and the sustainability of profits rather than a structural change in investor preference," said Anand K. Rathi, co-founder of Mira Money. Overseas investors have shown selective interest in a few cyclical and industrial sectors in 2025.
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