Overview

• FPIs sold Rs 16,422 crore of equities last week, contributing to the steepest weekly decline in benchmark indices in seven months.
• Analysts point to a proposed $100,000 fee on new H‑1B visas and higher tariffs on branded drugs as fresh risks for Indian IT and pharma earnings.
• Indian equities trail emerging markets by nearly 26% year to date in dollar terms, with rupee depreciation adding to pressure on returns.
• So far in 2025, FPIs have pulled Rs 1,38,580 crore from equities and Rs 1,442 crore from REITs/InvITs, while net debt purchases of Rs 50,215 crore have trimmed total outflows to Rs 88,318 crore.
• Flows flipped from Q1 selling to Q2 buying before turning negative again in July–September, even as HSBC says the immediate export impact on pharma may be limited due to India’s focus on simple generics.