'Smart money bought earlier': Deepak Shenoy on FPIs' ₹60,698 crore buying spree in 7 days

Foreign portfolio investors (FPIs) have made a strong comeback to Indian equities, pumping ₹60,698 crore into domestic stocks in just seven trading sessions of November 2026. Reacting to the sharp turnaround, Capitalmind founder Deepak Shenoy suggested that investors who entered the market before the latest buying surge may have been better positioned.

According to data shared by Capitalmind, the ₹60,698 crore inflow represents the highest net buying by FPIs over any seven consecutive trading sessions since January 2021.

The development comes after an extended period of foreign investor withdrawals, with FPIs emerging as net sellers in 16 of the preceding 24 months.

What did Deepak Shenoy say?

Reacting to the latest foreign investment numbers, Shenoy wrote on X: "The smart money was mostly those who bought before this, honestly. But big buying so far by FPIs in November, hoping it lasts through the month!"

His observation highlights an important aspect of market investing: investors who accumulate equities before a significant institutional buying wave may be better positioned than those who enter after the trend becomes widely visible.

However, anticipating such reversals is difficult, and strong foreign inflows do not necessarily guarantee sustained market gains.

FPIs invest ₹31,046 crore in just two sessions

The November buying spree included two exceptionally large single-day inflows.

According to Capitalmind, FPIs purchased Indian equities worth ₹16,278 crore on November 6, followed by another ₹14,768 crore on November 9.

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Together, these two sessions accounted for ₹31,046 crore, representing more than half of the total ₹60,698 crore inflows recorded during the seven trading days.

Notably, two of the four largest single-day net FPI inflows since January 2021 occurred during this period.

The figures indicate a sharp reversal in foreign institutional investment activity, although it remains unclear whether the momentum will continue throughout November.

Where were foreign investors putting their money?

October's sectoral investment data showed that FPIs remained selective despite widespread selling.

Foreign investors were net sellers in 17 of the 23 sectors tracked during the month.

However, information technology and telecommunications emerged as exceptions.

FPIs invested a net ₹13,514 crore in IT stocks and ₹7,137 crore in telecommunications, taking their combined investments in these sectors to ₹20,651 crore.

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Financial services and FMCG, meanwhile, witnessed some of the largest foreign outflows.

Should retail investors follow FPI buying?

The sharp turnaround could improve market sentiment, but investors should exercise caution before interpreting foreign inflows as an automatic buying signal.

Foreign institutional investments can fluctuate with global liquidity, valuations, currency movements and changes in risk appetite.

Shenoy's observation also underlines the difficulty of timing investments around institutional activity.

For retail investors, maintaining diversified portfolios, investing systematically and focusing on long-term financial goals may be more prudent than chasing stocks following a sudden surge in foreign buying.

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