Research · India · Stocks & mutual funds

India’s markets and mutual funds

Fund flows, market returns and their co-movement with the economy. Series from five published topics can be set beside macroeconomic context in one comparison.

Five views of the same market. Open a topic for detail, or bring its series together below.

Evidence through October 2026. Monthly comparisons · updated 20 Oct 2026, 12:46 UTC.

Published snapshot

Latest published readings

Monthly · latest October 2026
Money into fundssavers and institutions
Market returnslarge and small companies
Nifty 50 total return, 12 months −7.1% Sep 2026 · per cent
Sep 2025: −3.5%
CalculatedExalytics calculation
Nifty Smallcap 250 total return, 12 months +7.2% Sep 2026 · per cent
Sep 2025: −8.8%
CalculatedExalytics calculation
Fund resultsagainst their category index
Large cap funds beating the Nifty 100, 12 months 78.8% Sep 2026 · share of plans
Sep 2025: 68.8%
CalculatedExalytics calculation
Small-cap funds beating the Nifty Smallcap 250, 12 months 80.6% Sep 2026 · share of plans
Sep 2025: 60.7%
CalculatedExalytics calculation

higher than a year earlier lower Direction only — not a judgement. Calculated: Exalytics arithmetic on published rows; each chart lists them.

  1. Monthly SIP contributions rose from ₹8,596 crore in April 2021 to ₹32,297 crore in August 2026, 3.8 times as much. In none of the 53 months with a year-earlier comparison were they lower than a year before.

    Rows behind this (55)
    • Apr 2021 8,596 INR_CRORE VERIFIED d982b24b-728c-56eb-9b60-50ab6d959d8c
    • Apr 2022 38.006 PERCENT VERIFIED e43b07f1-bc29-5259-8350-8960f0e67571
    • May 2022 39.3128 PERCENT VERIFIED 001db357-c383-5a58-b28f-64d353aaf06f
    • Jun 2022 34.076 PERCENT VERIFIED de3f31c8-876f-519c-b3a5-8316e16cab01
    • Jul 2022 26.3399 PERCENT VERIFIED 3b58ec72-bfe0-5b70-89ed-fa26499af688
    • Aug 2022 27.9149 PERCENT VERIFIED eabf1347-c1a8-53d1-9e8c-00f7ead94f0b
    • Sep 2022 25.3599 PERCENT VERIFIED 5270f315-2167-55bd-af49-7be2dc84000a
    • Oct 2022 23.9757 PERCENT VERIFIED 25ccdadc-de28-575b-804b-51eb80cb0f8d
    • Nov 2022 20.9087 PERCENT VERIFIED 8140b951-2011-5f30-a970-02c062960f5e
    • Dec 2022 20.0619 PERCENT VERIFIED 3adf6ade-84a5-58b9-9b94-582ee03c74d9
    • Jan 2023 20.3091 PERCENT VERIFIED c2638bfa-fa02-5747-b4a8-6e71d0baed1c
    • Feb 2023 19.6538 PERCENT VERIFIED 68750c79-f514-5aa9-8616-ccced3c4fa21

    and 43 more rows; Copy for AI in Sources & methods lists every one.

  2. Since January 2015, FPIs were net sellers of Indian equities in 64 of 141 matched months, and mutual funds were net buyers in 62 of those. Month by month, the two tended to move in opposite directions (correlation −0.62 across 141 months; 95% interval −0.71 to −0.51).

    Rows behind this (282)

    Pearson correlation of NSDL's monthly FPI net equity investment with SEBI's monthly total of mutual funds' net equity purchases, same month; the 95% interval uses Fisher's z transform.

    • Jan 2015 12,919 INR_CRORE VERIFIED 33bb83be-7ebe-5724-9794-f939cb7326e7
    • Jan 2015 879.22 INR_CRORE VERIFIED 5188879c-b6cc-5419-bcd3-369622c3a930
    • Feb 2015 11,475 INR_CRORE VERIFIED a0f8550b-eadf-5f0a-a8f8-d14e92557d06
    • Feb 2015 4,309.14 INR_CRORE VERIFIED 5d62df8c-0ae6-5fc4-ad9f-50d5196afe98
    • Mar 2015 12,076 INR_CRORE VERIFIED 01db6ced-7309-5c0f-8309-8404d76123d6
    • Mar 2015 3,940.44 INR_CRORE VERIFIED 1bd95869-c7c4-55b7-9d1f-b7b06c5d6363
    • Apr 2015 11,721 INR_CRORE VERIFIED 546eb73d-8d13-5782-b7ec-23a562f1a076
    • Apr 2015 9,244.12 INR_CRORE VERIFIED cc4cd284-36af-520a-9d6f-52a54e9274db
    • May 2015 -5,769 INR_CRORE VERIFIED 11a5156c-940e-55fa-8e03-59c617072077
    • May 2015 4,176.71 INR_CRORE VERIFIED 26184582-395d-5945-b1cb-dcc8467a6082
    • Jun 2015 -3,344 INR_CRORE VERIFIED 623dccb3-20da-54ce-98d2-1e159068336c
    • Jun 2015 10,325.43 INR_CRORE VERIFIED c0b703f4-18e5-5785-9e4b-9cdce5c00ff2

    and 270 more rows; Copy for AI in Sources & methods lists every one.

  3. Over the 12 months to September 2026, 25 of 31 small-cap direct plans beat the Nifty Smallcap 250 total return index; over three years, 16 of 24 did, with a median margin of +1.1 pp a year.

    Rows behind this (5)
    • Sep 2026 31 COUNT VERIFIED 1097b9b6-db7d-5262-bf5f-9095fba8f31f
    • Sep 2026 25 COUNT VERIFIED b8fbdfbf-1e1e-5d39-931e-0f058b8ee7fe
    • Sep 2026 24 COUNT VERIFIED 152badc7-8b0c-5e7a-8e0b-b832e73fd473
    • Sep 2026 16 COUNT VERIFIED 0a3e5216-60d0-56f8-b7df-22cf75d474dc
    • Sep 2026 1.1047 PERCENTAGE_POINTS VERIFIED 4db2a106-d6d0-56c7-893b-26330c41a720

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Standardised paths of the selected series

Standardised comparison · deviations from each series’ own mean

Nifty 50 total return, monthMutual funds' net equity purchasesFPI net equity investment
-6-3036Nifty 50 total return, month · Feb 2015: 0.04 standard deviationsNifty 50 total return, month · Mar 2015: -1.15 standard deviationsNifty 50 total return, month · Apr 2015: -0.98 standard deviationsNifty 50 total return, month · May 2015: 0.49 standard deviationsNifty 50 total return, month · Jun 2015: -0.29 standard deviationsNifty 50 total return, month · Jul 2015: 0.28 standard deviationsNifty 50 total return, month · Aug 2015: -1.6 standard deviationsNifty 50 total return, month · Sep 2015: -0.24 standard deviationsNifty 50 total return, month · Oct 2015: 0.15 standard deviationsNifty 50 total return, month · Nov 2015: -0.54 standard deviationsNifty 50 total return, month · Dec 2015: -0.16 standard deviationsNifty 50 total return, month · Jan 2016: -1.23 standard deviationsNifty 50 total return, month · Feb 2016: -1.83 standard deviationsNifty 50 total return, month · Mar 2016: 2.18 standard deviationsNifty 50 total return, month · Apr 2016: 0.12 standard deviationsNifty 50 total return, month · May 2016: 0.7 standard deviationsNifty 50 total return, month · Jun 2016: 0.23 standard deviationsNifty 50 total return, month · Jul 2016: 0.77 standard deviationsNifty 50 total return, month · Aug 2016: 0.2 standard deviationsNifty 50 total return, month · Sep 2016: -0.61 standard deviationsNifty 50 total return, month · Oct 2016: -0.14 standard deviationsNifty 50 total return, month · Nov 2016: -1.19 standard deviationsNifty 50 total return, month · Dec 2016: -0.29 standard deviationsNifty 50 total return, month · Jan 2017: 0.8 standard deviationsNifty 50 total return, month · Feb 2017: 0.64 standard deviationsNifty 50 total return, month · Mar 2017: 0.56 standard deviationsNifty 50 total return, month · Apr 2017: 0.11 standard deviationsNifty 50 total return, month · May 2017: 0.56 standard deviationsNifty 50 total return, month · Jun 2017: -0.33 standard deviationsNifty 50 total return, month · Jul 2017: 1.13 standard deviationsNifty 50 total return, month · Aug 2017: -0.51 standard deviationsNifty 50 total return, month · Sep 2017: -0.46 standard deviationsNifty 50 total return, month · Oct 2017: 1.03 standard deviationsNifty 50 total return, month · Nov 2017: -0.41 standard deviationsNifty 50 total return, month · Dec 2017: 0.45 standard deviationsNifty 50 total return, month · Jan 2018: 0.83 standard deviationsNifty 50 total return, month · Feb 2018: -1.2 standard deviationsNifty 50 total return, month · Mar 2018: -0.93 standard deviationsNifty 50 total return, month · Apr 2018: 1.14 standard deviationsNifty 50 total return, month · May 2018: -0.15 standard deviationsNifty 50 total return, month · Jun 2018: -0.19 standard deviationsNifty 50 total return, month · Jul 2018: 1.15 standard deviationsNifty 50 total return, month · Aug 2018: 0.46 standard deviationsNifty 50 total return, month · Sep 2018: -1.57 standard deviationsNifty 50 total return, month · Oct 2018: -1.24 standard deviationsNifty 50 total return, month · Nov 2018: 0.83 standard deviationsNifty 50 total return, month · Dec 2018: -0.21 standard deviationsNifty 50 total return, month · Jan 2019: -0.24 standard deviationsNifty 50 total return, month · Feb 2019: -0.24 standard deviationsNifty 50 total return, month · Mar 2019: 1.49 standard deviationsNifty 50 total return, month · Apr 2019: 0.04 standard deviationsNifty 50 total return, month · May 2019: 0.16 standard deviationsNifty 50 total return, month · Jun 2019: -0.39 standard deviationsNifty 50 total return, month · Jul 2019: -1.37 standard deviationsNifty 50 total return, month · Aug 2019: -0.33 standard deviationsNifty 50 total return, month · Sep 2019: 0.69 standard deviationsNifty 50 total return, month · Oct 2019: 0.61 standard deviationsNifty 50 total return, month · Nov 2019: 0.13 standard deviationsNifty 50 total return, month · Dec 2019: 0.01 standard deviationsNifty 50 total return, month · Jan 2020: -0.55 standard deviationsNifty 50 total return, month · Feb 2020: -1.56 standard deviationsNifty 50 total return, month · Mar 2020: -5.16 standard deviationsNifty 50 total return, month · Apr 2020: 2.98 standard deviationsNifty 50 total return, month · May 2020: -0.78 standard deviationsNifty 50 total return, month · Jun 2020: 1.44 standard deviationsNifty 50 total return, month · Jul 2020: 1.47 standard deviationsNifty 50 total return, month · Aug 2020: 0.45 standard deviationsNifty 50 total return, month · Sep 2020: -0.45 standard deviationsNifty 50 total return, month · Oct 2020: 0.6 standard deviationsNifty 50 total return, month · Nov 2020: 2.28 standard deviationsNifty 50 total return, month · Dec 2020: 1.5 standard deviationsNifty 50 total return, month · Jan 2021: -0.72 standard deviationsNifty 50 total return, month · Feb 2021: 1.26 standard deviationsNifty 50 total return, month · Mar 2021: 0.06 standard deviationsNifty 50 total return, month · Apr 2021: -0.27 standard deviationsNifty 50 total return, month · May 2021: 1.25 standard deviationsNifty 50 total return, month · Jun 2021: 0.05 standard deviationsNifty 50 total return, month · Jul 2021: -0.1 standard deviationsNifty 50 total return, month · Aug 2021: 1.7 standard deviationsNifty 50 total return, month · Sep 2021: 0.43 standard deviationsNifty 50 total return, month · Oct 2021: -0.1 standard deviationsNifty 50 total return, month · Nov 2021: -1.02 standard deviationsNifty 50 total return, month · Dec 2021: 0.29 standard deviationsNifty 50 total return, month · Jan 2022: -0.2 standard deviationsNifty 50 total return, month · Feb 2022: -0.83 standard deviationsNifty 50 total return, month · Mar 2022: 0.67 standard deviationsNifty 50 total return, month · Apr 2022: -0.63 standard deviationsNifty 50 total return, month · May 2022: -0.76 standard deviationsNifty 50 total return, month · Jun 2022: -1.21 standard deviationsNifty 50 total return, month · Jul 2022: 1.73 standard deviationsNifty 50 total return, month · Aug 2022: 0.61 standard deviationsNifty 50 total return, month · Sep 2022: -1 standard deviationsNifty 50 total return, month · Oct 2022: 0.99 standard deviationsNifty 50 total return, month · Nov 2022: 0.71 standard deviationsNifty 50 total return, month · Dec 2022: -0.94 standard deviationsNifty 50 total return, month · Jan 2023: -0.72 standard deviationsNifty 50 total return, month · Feb 2023: -0.61 standard deviationsNifty 50 total return, month · Mar 2023: -0.12 standard deviationsNifty 50 total return, month · Apr 2023: 0.69 standard deviationsNifty 50 total return, month · May 2023: 0.43 standard deviationsNifty 50 total return, month · Jun 2023: 0.61 standard deviationsNifty 50 total return, month · Jul 2023: 0.46 standard deviationsNifty 50 total return, month · Aug 2023: -0.69 standard deviationsNifty 50 total return, month · Sep 2023: 0.24 standard deviationsNifty 50 total return, month · Oct 2023: -0.78 standard deviationsNifty 50 total return, month · Nov 2023: 1.02 standard deviationsNifty 50 total return, month · Dec 2023: 1.52 standard deviationsNifty 50 total return, month · Jan 2024: -0.19 standard deviationsNifty 50 total return, month · Feb 2024: 0.09 standard deviationsNifty 50 total return, month · Mar 2024: 0.15 standard deviationsNifty 50 total return, month · Apr 2024: 0.08 standard deviationsNifty 50 total return, month · May 2024: -0.19 standard deviationsNifty 50 total return, month · Jun 2024: 1.27 standard deviationsNifty 50 total return, month · Jul 2024: 0.67 standard deviationsNifty 50 total return, month · Aug 2024: 0.1 standard deviationsNifty 50 total return, month · Sep 2024: 0.3 standard deviationsNifty 50 total return, month · Oct 2024: -1.51 standard deviationsNifty 50 total return, month · Nov 2024: -0.25 standard deviationsNifty 50 total return, month · Dec 2024: -0.63 standard deviationsNifty 50 total return, month · Jan 2025: -0.29 standard deviationsNifty 50 total return, month · Feb 2025: -1.44 standard deviationsNifty 50 total return, month · Mar 2025: 1.17 standard deviationsNifty 50 total return, month · Apr 2025: 0.56 standard deviationsNifty 50 total return, month · May 2025: 0.22 standard deviationsNifty 50 total return, month · Jun 2025: 0.54 standard deviationsNifty 50 total return, month · Jul 2025: -0.79 standard deviationsNifty 50 total return, month · Aug 2025: -0.45 standard deviationsNifty 50 total return, month · Sep 2025: -0.02 standard deviationsNifty 50 total return, month · Oct 2025: 0.8 standard deviationsNifty 50 total return, month · Nov 2025: 0.22 standard deviationsNifty 50 total return, month · Dec 2025: -0.25 standard deviationsNifty 50 total return, month · Jan 2026: -0.85 standard deviationsNifty 50 total return, month · Feb 2026: -0.3 standard deviationsNifty 50 total return, month · Mar 2026: -2.63 standard deviationsNifty 50 total return, month · Apr 2026: 1.42 standard deviationsNifty 50 total return, month · May 2026: -0.56 standard deviationsNifty 50 total return, month · Jun 2026: 0.17 standard deviationsNifty 50 total return, month · Jul 2026: 0.32 standard deviationsNifty 50 total return, month · Aug 2026: -0.44 standard deviationsNifty 50 total return, month · Sep 2026: -1.49 standard deviationsMutual funds' net equity purchases · Jan 2015: -0.73 standard deviationsMutual funds' net equity purchases · Feb 2015: -0.55 standard deviationsMutual funds' net equity purchases · Mar 2015: -0.57 standard deviationsMutual funds' net equity purchases · Apr 2015: -0.3 standard deviationsMutual funds' net equity purchases · May 2015: -0.56 standard deviationsMutual funds' net equity purchases · Jun 2015: -0.25 standard deviationsMutual funds' net equity purchases · Jul 2015: -0.5 standard deviationsMutual funds' net equity purchases · Aug 2015: -0.24 standard deviationsMutual funds' net equity purchases · Sep 2015: -0.3 standard deviationsMutual funds' net equity purchases · Oct 2015: -0.62 standard deviationsMutual funds' net equity purchases · Nov 2015: -0.44 standard deviationsMutual funds' net equity purchases · Dec 2015: -0.54 standard deviationsMutual funds' net equity purchases · Jan 2016: -0.4 standard deviationsMutual funds' net equity purchases · Feb 2016: -0.47 standard deviationsMutual funds' net equity purchases · Mar 2016: -1.29 standard deviationsMutual funds' net equity purchases · Apr 2016: -0.8 standard deviationsMutual funds' net equity purchases · May 2016: -0.41 standard deviationsMutual funds' net equity purchases · Jun 2016: -0.78 standard deviationsMutual funds' net equity purchases · Jul 2016: -0.78 standard deviationsMutual funds' net equity purchases · Aug 2016: -0.64 standard deviationsMutual funds' net equity purchases · Sep 2016: -0.58 standard deviationsMutual funds' net equity purchases · Oct 2016: -0.31 standard deviationsMutual funds' net equity purchases · Nov 2016: -0.07 standard deviationsMutual funds' net equity purchases · Dec 2016: -0.31 standard deviationsMutual funds' net equity purchases · Jan 2017: -0.51 standard deviationsMutual funds' net equity purchases · Feb 2017: -0.67 standard deviationsMutual funds' net equity purchases · Mar 2017: -0.56 standard deviationsMutual funds' net equity purchases · Apr 2017: -0.2 standard deviationsMutual funds' net equity purchases · May 2017: -0.3 standard deviationsMutual funds' net equity purchases · Jun 2017: -0.31 standard deviationsMutual funds' net equity purchases · Jul 2017: -0.17 standard deviationsMutual funds' net equity purchases · Aug 2017: 0.14 standard deviationsMutual funds' net equity purchases · Sep 2017: 0.12 standard deviationsMutual funds' net equity purchases · Oct 2017: -0.26 standard deviationsMutual funds' net equity purchases · Nov 2017: -0.16 standard deviationsMutual funds' net equity purchases · Dec 2017: -0.35 standard deviationsMutual funds' net equity purchases · Jan 2018: -0.31 standard deviationsMutual funds' net equity purchases · Feb 2018: 0.05 standard deviationsMutual funds' net equity purchases · Mar 2018: -0.3 standard deviationsMutual funds' net equity purchases · Apr 2018: -0.2 standard deviationsMutual funds' net equity purchases · May 2018: -0.08 standard deviationsMutual funds' net equity purchases · Jun 2018: -0.29 standard deviationsMutual funds' net equity purchases · Jul 2018: -0.57 standard deviationsMutual funds' net equity purchases · Aug 2018: -0.57 standard deviationsMutual funds' net equity purchases · Sep 2018: -0.18 standard deviationsMutual funds' net equity purchases · Oct 2018: 0.45 standard deviationsMutual funds' net equity purchases · Nov 2018: -0.51 standard deviationsMutual funds' net equity purchases · Dec 2018: -0.62 standard deviationsMutual funds' net equity purchases · Jan 2019: -0.41 standard deviationsMutual funds' net equity purchases · Feb 2019: -0.66 standard deviationsMutual funds' net equity purchases · Mar 2019: -1.15 standard deviationsMutual funds' net equity purchases · Apr 2019: -1.01 standard deviationsMutual funds' net equity purchases · May 2019: -0.51 standard deviationsMutual funds' net equity purchases · Jun 2019: -0.46 standard deviationsMutual funds' net equity purchases · Jul 2019: -0.01 standard deviationsMutual funds' net equity purchases · Aug 2019: 0.11 standard deviationsMutual funds' net equity purchases · Sep 2019: -0.22 standard deviationsMutual funds' net equity purchases · Oct 2019: -0.6 standard deviationsMutual funds' net equity purchases · Nov 2019: -1.03 standard deviationsMutual funds' net equity purchases · Dec 2019: -0.68 standard deviationsMutual funds' net equity purchases · Jan 2020: -0.7 standard deviationsMutual funds' net equity purchases · Feb 2020: -0.26 standard deviationsMutual funds' net equity purchases · Mar 2020: 0.77 standard deviationsMutual funds' net equity purchases · Apr 2020: -1.18 standard deviationsMutual funds' net equity purchases · May 2020: -0.44 standard deviationsMutual funds' net equity purchases · Jun 2020: -0.8 standard deviationsMutual funds' net equity purchases · Jul 2020: -1.24 standard deviationsMutual funds' net equity purchases · Aug 2020: -1.24 standard deviationsMutual funds' net equity purchases · Sep 2020: -0.98 standard deviationsMutual funds' net equity purchases · Oct 2020: -1.51 standard deviationsMutual funds' net equity purchases · Nov 2020: -2.34 standard deviationsMutual funds' net equity purchases · Dec 2020: -2.12 standard deviationsMutual funds' net equity purchases · Jan 2021: -1.44 standard deviationsMutual funds' net equity purchases · Feb 2021: -1.6 standard deviationsMutual funds' net equity purchases · Mar 2021: -0.53 standard deviationsMutual funds' net equity purchases · Apr 2021: -0.49 standard deviationsMutual funds' net equity purchases · May 2021: -0.75 standard deviationsMutual funds' net equity purchases · Jun 2021: -0.45 standard deviationsMutual funds' net equity purchases · Jul 2021: 0.32 standard deviationsMutual funds' net equity purchases · Aug 2021: -0.19 standard deviationsMutual funds' net equity purchases · Sep 2021: -0.38 standard deviationsMutual funds' net equity purchases · Oct 2021: -0.47 standard deviationsMutual funds' net equity purchases · Nov 2021: 0.45 standard deviationsMutual funds' net equity purchases · Dec 2021: 0.34 standard deviationsMutual funds' net equity purchases · Jan 2022: 0.07 standard deviationsMutual funds' net equity purchases · Feb 2022: 0.66 standard deviationsMutual funds' net equity purchases · Mar 2022: 0.36 standard deviationsMutual funds' net equity purchases · Apr 2022: 0.37 standard deviationsMutual funds' net equity purchases · May 2022: 0.72 standard deviationsMutual funds' net equity purchases · Jun 2022: 0.35 standard deviationsMutual funds' net equity purchases · Jul 2022: -0.53 standard deviationsMutual funds' net equity purchases · Aug 2022: -0.83 standard deviationsMutual funds' net equity purchases · Sep 2022: 0.17 standard deviationsMutual funds' net equity purchases · Oct 2022: -0.45 standard deviationsMutual funds' net equity purchases · Nov 2022: -0.69 standard deviationsMutual funds' net equity purchases · Dec 2022: -0.03 standard deviationsMutual funds' net equity purchases · Jan 2023: 0.31 standard deviationsMutual funds' net equity purchases · Feb 2023: -0.12 standard deviationsMutual funds' net equity purchases · Mar 2023: 0.28 standard deviationsMutual funds' net equity purchases · Apr 2023: -1 standard deviationsMutual funds' net equity purchases · May 2023: -0.65 standard deviationsMutual funds' net equity purchases · Jun 2023: -0.49 standard deviationsMutual funds' net equity purchases · Jul 2023: -0.38 standard deviationsMutual funds' net equity purchases · Aug 2023: 0.52 standard deviationsMutual funds' net equity purchases · Sep 2023: 0.29 standard deviationsMutual funds' net equity purchases · Oct 2023: 0.24 standard deviationsMutual funds' net equity purchases · Nov 2023: 0.14 standard deviationsMutual funds' net equity purchases · Dec 2023: 0.43 standard deviationsMutual funds' net equity purchases · Jan 2024: 0.4 standard deviationsMutual funds' net equity purchases · Feb 2024: -0.05 standard deviationsMutual funds' net equity purchases · Mar 2024: 1.48 standard deviationsMutual funds' net equity purchases · Apr 2024: 0.9 standard deviationsMutual funds' net equity purchases · May 2024: 1.68 standard deviationsMutual funds' net equity purchases · Jun 2024: 0.66 standard deviationsMutual funds' net equity purchases · Jul 2024: 0.5 standard deviationsMutual funds' net equity purchases · Aug 2024: 0.84 standard deviationsMutual funds' net equity purchases · Sep 2024: 0.88 standard deviationsMutual funds' net equity purchases · Oct 2024: 3.85 standard deviationsMutual funds' net equity purchases · Nov 2024: 1.04 standard deviationsMutual funds' net equity purchases · Dec 2024: 0.66 standard deviationsMutual funds' net equity purchases · Jan 2025: 2.03 standard deviationsMutual funds' net equity purchases · Feb 2025: 1.65 standard deviationsMutual funds' net equity purchases · Mar 2025: -0.09 standard deviationsMutual funds' net equity purchases · Apr 2025: 0.05 standard deviationsMutual funds' net equity purchases · May 2025: 2.05 standard deviationsMutual funds' net equity purchases · Jun 2025: 1.44 standard deviationsMutual funds' net equity purchases · Jul 2025: 1.62 standard deviationsMutual funds' net equity purchases · Aug 2025: 2.82 standard deviationsMutual funds' net equity purchases · Sep 2025: 1.32 standard deviationsMutual funds' net equity purchases · Oct 2025: 0.28 standard deviationsMutual funds' net equity purchases · Nov 2025: 1.44 standard deviationsMutual funds' net equity purchases · Dec 2025: 1.21 standard deviationsMutual funds' net equity purchases · Jan 2026: 1.38 standard deviationsMutual funds' net equity purchases · Feb 2026: -0.19 standard deviationsMutual funds' net equity purchases · Mar 2026: 4.26 standard deviationsMutual funds' net equity purchases · Apr 2026: 0.78 standard deviationsMutual funds' net equity purchases · May 2026: 2.31 standard deviationsMutual funds' net equity purchases · Jun 2026: 1.8 standard deviationsMutual funds' net equity purchases · Jul 2026: -0.18 standard deviationsMutual funds' net equity purchases · Aug 2026: 2.13 standard deviationsMutual funds' net equity purchases · Sep 2026: 1.97 standard deviationsFPI net equity investment · Jan 2015: 0.48 standard deviationsFPI net equity investment · Feb 2015: 0.42 standard deviationsFPI net equity investment · Mar 2015: 0.45 standard deviationsFPI net equity investment · Apr 2015: 0.43 standard deviationsFPI net equity investment · May 2015: -0.2 standard deviationsFPI net equity investment · Jun 2015: -0.12 standard deviationsFPI net equity investment · Jul 2015: 0.2 standard deviationsFPI net equity investment · Aug 2015: -0.61 standard deviationsFPI net equity investment · Sep 2015: -0.23 standard deviationsFPI net equity investment · Oct 2015: 0.25 standard deviationsFPI net equity investment · Nov 2015: -0.25 standard deviationsFPI net equity investment · Dec 2015: -0.1 standard deviationsFPI net equity investment · Jan 2016: -0.4 standard deviationsFPI net equity investment · Feb 2016: -0.2 standard deviationsFPI net equity investment · Mar 2016: 0.78 standard deviationsFPI net equity investment · Apr 2016: 0.31 standard deviationsFPI net equity investment · May 2016: 0.1 standard deviationsFPI net equity investment · Jun 2016: 0.14 standard deviationsFPI net equity investment · Jul 2016: 0.46 standard deviationsFPI net equity investment · Aug 2016: 0.34 standard deviationsFPI net equity investment · Sep 2016: 0.39 standard deviationsFPI net equity investment · Oct 2016: -0.15 standard deviationsFPI net equity investment · Nov 2016: -0.66 standard deviationsFPI net equity investment · Dec 2016: -0.29 standard deviationsFPI net equity investment · Jan 2017: -0.04 standard deviationsFPI net equity investment · Feb 2017: 0.37 standard deviationsFPI net equity investment · Mar 2017: 1.13 standard deviationsFPI net equity investment · Apr 2017: 0.09 standard deviationsFPI net equity investment · May 2017: 0.29 standard deviationsFPI net equity investment · Jun 2017: 0.14 standard deviationsFPI net equity investment · Jul 2017: 0.19 standard deviationsFPI net equity investment · Aug 2017: -0.46 standard deviationsFPI net equity investment · Sep 2017: -0.41 standard deviationsFPI net equity investment · Oct 2017: 0.12 standard deviationsFPI net equity investment · Nov 2017: 0.72 standard deviationsFPI net equity investment · Dec 2017: -0.21 standard deviationsFPI net equity investment · Jan 2018: 0.51 standard deviationsFPI net equity investment · Feb 2018: -0.41 standard deviationsFPI net equity investment · Mar 2018: 0.43 standard deviationsFPI net equity investment · Apr 2018: -0.2 standard deviationsFPI net equity investment · May 2018: -0.36 standard deviationsFPI net equity investment · Jun 2018: -0.17 standard deviationsFPI net equity investment · Jul 2018: 0.09 standard deviationsFPI net equity investment · Aug 2018: 0.07 standard deviationsFPI net equity investment · Sep 2018: -0.39 standard deviationsFPI net equity investment · Oct 2018: -1.05 standard deviationsFPI net equity investment · Nov 2018: 0.22 standard deviationsFPI net equity investment · Dec 2018: 0.12 standard deviationsFPI net equity investment · Jan 2019: -0.15 standard deviationsFPI net equity investment · Feb 2019: 0.63 standard deviationsFPI net equity investment · Mar 2019: 1.24 standard deviationsFPI net equity investment · Apr 2019: 0.78 standard deviationsFPI net equity investment · May 2019: 0.29 standard deviationsFPI net equity investment · Jun 2019: 0.1 standard deviationsFPI net equity investment · Jul 2019: -0.45 standard deviationsFPI net equity investment · Aug 2019: -0.63 standard deviationsFPI net equity investment · Sep 2019: 0.28 standard deviationsFPI net equity investment · Oct 2019: 0.46 standard deviationsFPI net equity investment · Nov 2019: 0.92 standard deviationsFPI net equity investment · Dec 2019: 0.27 standard deviationsFPI net equity investment · Jan 2020: 0.45 standard deviationsFPI net equity investment · Feb 2020: 0.07 standard deviationsFPI net equity investment · Mar 2020: -2.25 standard deviationsFPI net equity investment · Apr 2020: -0.24 standard deviationsFPI net equity investment · May 2020: 0.54 standard deviationsFPI net equity investment · Jun 2020: 0.8 standard deviationsFPI net equity investment · Jul 2020: 0.28 standard deviationsFPI net equity investment · Aug 2020: 1.72 standard deviationsFPI net equity investment · Sep 2020: -0.28 standard deviationsFPI net equity investment · Oct 2020: 0.72 standard deviationsFPI net equity investment · Nov 2020: 2.2 standard deviationsFPI net equity investment · Dec 2020: 2.26 standard deviationsFPI net equity investment · Jan 2021: 0.71 standard deviationsFPI net equity investment · Feb 2021: 0.94 standard deviationsFPI net equity investment · Mar 2021: 0.39 standard deviationsFPI net equity investment · Apr 2021: -0.35 standard deviationsFPI net equity investment · May 2021: -0.1 standard deviationsFPI net equity investment · Jun 2021: 0.63 standard deviationsFPI net equity investment · Jul 2021: -0.41 standard deviationsFPI net equity investment · Aug 2021: 0.08 standard deviationsFPI net equity investment · Sep 2021: 0.48 standard deviationsFPI net equity investment · Oct 2021: -0.49 standard deviationsFPI net equity investment · Nov 2021: -0.21 standard deviationsFPI net equity investment · Dec 2021: -0.69 standard deviationsFPI net equity investment · Jan 2022: -1.21 standard deviationsFPI net equity investment · Feb 2022: -1.29 standard deviationsFPI net equity investment · Mar 2022: -1.49 standard deviationsFPI net equity investment · Apr 2022: -0.62 standard deviationsFPI net equity investment · May 2022: -1.45 standard deviationsFPI net equity investment · Jun 2022: -1.82 standard deviationsFPI net equity investment · Jul 2022: 0.19 standard deviationsFPI net equity investment · Aug 2022: 1.87 standard deviationsFPI net equity investment · Sep 2022: -0.27 standard deviationsFPI net equity investment · Oct 2022: 0.01 standard deviationsFPI net equity investment · Nov 2022: 1.32 standard deviationsFPI net equity investment · Dec 2022: 0.41 standard deviationsFPI net equity investment · Jan 2023: -1.04 standard deviationsFPI net equity investment · Feb 2023: -0.19 standard deviationsFPI net equity investment · Mar 2023: 0.29 standard deviationsFPI net equity investment · Apr 2023: 0.43 standard deviationsFPI net equity investment · May 2023: 1.6 standard deviationsFPI net equity investment · Jun 2023: 1.72 standard deviationsFPI net equity investment · Jul 2023: 1.7 standard deviationsFPI net equity investment · Aug 2023: 0.45 standard deviationsFPI net equity investment · Sep 2023: -0.53 standard deviationsFPI net equity investment · Oct 2023: -0.89 standard deviationsFPI net equity investment · Nov 2023: 0.33 standard deviationsFPI net equity investment · Dec 2023: 2.41 standard deviationsFPI net equity investment · Jan 2024: -0.93 standard deviationsFPI net equity investment · Feb 2024: 0.06 standard deviationsFPI net equity investment · Mar 2024: 1.28 standard deviationsFPI net equity investment · Apr 2024: -0.31 standard deviationsFPI net equity investment · May 2024: -0.93 standard deviationsFPI net equity investment · Jun 2024: 0.97 standard deviationsFPI net equity investment · Jul 2024: 1.18 standard deviationsFPI net equity investment · Aug 2024: 0.27 standard deviationsFPI net equity investment · Sep 2024: 2.11 standard deviationsFPI net equity investment · Oct 2024: -3.41 standard deviationsFPI net equity investment · Nov 2024: -0.78 standard deviationsFPI net equity investment · Dec 2024: 0.57 standard deviationsFPI net equity investment · Jan 2025: -2.83 standard deviationsFPI net equity investment · Feb 2025: -1.25 standard deviationsFPI net equity investment · Mar 2025: -0.14 standard deviationsFPI net equity investment · Apr 2025: 0.16 standard deviationsFPI net equity investment · May 2025: 0.73 standard deviationsFPI net equity investment · Jun 2025: 0.54 standard deviationsFPI net equity investment · Jul 2025: -0.64 standard deviationsFPI net equity investment · Aug 2025: -1.27 standard deviationsFPI net equity investment · Sep 2025: -0.86 standard deviationsFPI net equity investment · Oct 2025: 0.54 standard deviationsFPI net equity investment · Nov 2025: -0.13 standard deviationsFPI net equity investment · Dec 2025: -0.82 standard deviationsFPI net equity investment · Jan 2026: -1.3 standard deviationsFPI net equity investment · Feb 2026: 0.83 standard deviationsFPI net equity investment · Mar 2026: -4.28 standard deviationsFPI net equity investment · Apr 2026: -2.21 standard deviationsFPI net equity investment · May 2026: -1.19 standard deviationsFPI net equity investment · Jun 2026: -1.79 standard deviationsFPI net equity investment · Jul 2026: 0.74 standard deviationsFPI net equity investment · Aug 2026: 1.08 standard deviationsFPI net equity investment · Sep 2026: -1.3 standard deviationsJan 2015Nov 2020Sep 2026

Zero is each series’ sample mean; one unit is one sample standard deviation. Each series uses its available filtered periods. Missing or excluded periods stay gaps. Constant series and samples below three observations cannot be standardised. This is a same-period comparison; it does not apply the scatter’s timing setting.

Inspect standardised readings
MonthNifty 50 total return, month · z-scoreMutual funds' net equity purchases · z-scoreFPI net equity investment · z-score
Jan 2015—-0.730.48
Feb 20150.04-0.550.42
Mar 2015-1.15-0.570.45
Apr 2015-0.98-0.30.43
May 20150.49-0.56-0.2
Jun 2015-0.29-0.25-0.12
Jul 20150.28-0.50.2
Aug 2015-1.6-0.24-0.61
Sep 2015-0.24-0.3-0.23
Oct 20150.15-0.620.25
Nov 2015-0.54-0.44-0.25
Dec 2015-0.16-0.54-0.1
Jan 2016-1.23-0.4-0.4
Feb 2016-1.83-0.47-0.2
Mar 20162.18-1.290.78
Apr 20160.12-0.80.31
May 20160.7-0.410.1
Jun 20160.23-0.780.14
Jul 20160.77-0.780.46
Aug 20160.2-0.640.34
Sep 2016-0.61-0.580.39
Oct 2016-0.14-0.31-0.15
Nov 2016-1.19-0.07-0.66
Dec 2016-0.29-0.31-0.29
Jan 20170.8-0.51-0.04
Feb 20170.64-0.670.37
Mar 20170.56-0.561.13
Apr 20170.11-0.20.09
May 20170.56-0.30.29
Jun 2017-0.33-0.310.14
Jul 20171.13-0.170.19
Aug 2017-0.510.14-0.46
Sep 2017-0.460.12-0.41
Oct 20171.03-0.260.12
Nov 2017-0.41-0.160.72
Dec 20170.45-0.35-0.21
Jan 20180.83-0.310.51
Feb 2018-1.20.05-0.41
Mar 2018-0.93-0.30.43
Apr 20181.14-0.2-0.2
May 2018-0.15-0.08-0.36
Jun 2018-0.19-0.29-0.17
Jul 20181.15-0.570.09
Aug 20180.46-0.570.07
Sep 2018-1.57-0.18-0.39
Oct 2018-1.240.45-1.05
Nov 20180.83-0.510.22
Dec 2018-0.21-0.620.12
Jan 2019-0.24-0.41-0.15
Feb 2019-0.24-0.660.63
Mar 20191.49-1.151.24
Apr 20190.04-1.010.78
May 20190.16-0.510.29
Jun 2019-0.39-0.460.1
Jul 2019-1.37-0.01-0.45
Aug 2019-0.330.11-0.63
Sep 20190.69-0.220.28
Oct 20190.61-0.60.46
Nov 20190.13-1.030.92
Dec 20190.01-0.680.27
Jan 2020-0.55-0.70.45
Feb 2020-1.56-0.260.07
Mar 2020-5.160.77-2.25
Apr 20202.98-1.18-0.24
May 2020-0.78-0.440.54
Jun 20201.44-0.80.8
Jul 20201.47-1.240.28
Aug 20200.45-1.241.72
Sep 2020-0.45-0.98-0.28
Oct 20200.6-1.510.72
Nov 20202.28-2.342.2
Dec 20201.5-2.122.26
Jan 2021-0.72-1.440.71
Feb 20211.26-1.60.94
Mar 20210.06-0.530.39
Apr 2021-0.27-0.49-0.35
May 20211.25-0.75-0.1
Jun 20210.05-0.450.63
Jul 2021-0.10.32-0.41
Aug 20211.7-0.190.08
Sep 20210.43-0.380.48
Oct 2021-0.1-0.47-0.49
Nov 2021-1.020.45-0.21
Dec 20210.290.34-0.69
Jan 2022-0.20.07-1.21
Feb 2022-0.830.66-1.29
Mar 20220.670.36-1.49
Apr 2022-0.630.37-0.62
May 2022-0.760.72-1.45
Jun 2022-1.210.35-1.82
Jul 20221.73-0.530.19
Aug 20220.61-0.831.87
Sep 2022-10.17-0.27
Oct 20220.99-0.450.01
Nov 20220.71-0.691.32
Dec 2022-0.94-0.030.41
Jan 2023-0.720.31-1.04
Feb 2023-0.61-0.12-0.19
Mar 2023-0.120.280.29
Apr 20230.69-10.43
May 20230.43-0.651.6
Jun 20230.61-0.491.72
Jul 20230.46-0.381.7
Aug 2023-0.690.520.45
Sep 20230.240.29-0.53
Oct 2023-0.780.24-0.89
Nov 20231.020.140.33
Dec 20231.520.432.41
Jan 2024-0.190.4-0.93
Feb 20240.09-0.050.06
Mar 20240.151.481.28
Apr 20240.080.9-0.31
May 2024-0.191.68-0.93
Jun 20241.270.660.97
Jul 20240.670.51.18
Aug 20240.10.840.27
Sep 20240.30.882.11
Oct 2024-1.513.85-3.41
Nov 2024-0.251.04-0.78
Dec 2024-0.630.660.57
Jan 2025-0.292.03-2.83
Feb 2025-1.441.65-1.25
Mar 20251.17-0.09-0.14
Apr 20250.560.050.16
May 20250.222.050.73
Jun 20250.541.440.54
Jul 2025-0.791.62-0.64
Aug 2025-0.452.82-1.27
Sep 2025-0.021.32-0.86
Oct 20250.80.280.54
Nov 20250.221.44-0.13
Dec 2025-0.251.21-0.82
Jan 2026-0.851.38-1.3
Feb 2026-0.3-0.190.83
Mar 2026-2.634.26-4.28
Apr 20261.420.78-2.21
May 2026-0.562.31-1.19
Jun 20260.171.8-1.79
Jul 20260.32-0.180.74
Aug 2026-0.442.131.08
Sep 2026-1.491.97-1.3

Market outcomes

Nifty 50 total return, month

100 × (Nifty 50 TRI month-end close ÷ previous month-end close − 1).

Per cent

February 2015 Nifty 50 total return, month: 1.1%March 2015 Nifty 50 total return, month: −4.4%April 2015 Nifty 50 total return, month: −3.6%May 2015 Nifty 50 total return, month: 3.2%June 2015 Nifty 50 total return, month: −0.4%July 2015 Nifty 50 total return, month: 2.2%August 2015 Nifty 50 total return, month: −6.5%September 2015 Nifty 50 total return, month: −0.2%October 2015 Nifty 50 total return, month: 1.6%November 2015 Nifty 50 total return, month: −1.6%December 2015 Nifty 50 total return, month: 0.1%January 2016 Nifty 50 total return, month: −4.8%February 2016 Nifty 50 total return, month: −7.6%March 2016 Nifty 50 total return, month: 11.0%April 2016 Nifty 50 total return, month: 1.4%May 2016 Nifty 50 total return, month: 4.1%June 2016 Nifty 50 total return, month: 2.0%July 2016 Nifty 50 total return, month: 4.4%August 2016 Nifty 50 total return, month: 1.8%September 2016 Nifty 50 total return, month: −1.9%October 2016 Nifty 50 total return, month: 0.3%November 2016 Nifty 50 total return, month: −4.6%December 2016 Nifty 50 total return, month: −0.5%January 2017 Nifty 50 total return, month: 4.6%February 2017 Nifty 50 total return, month: 3.8%March 2017 Nifty 50 total return, month: 3.5%April 2017 Nifty 50 total return, month: 1.4%May 2017 Nifty 50 total return, month: 3.5%June 2017 Nifty 50 total return, month: −0.7%July 2017 Nifty 50 total return, month: 6.1%August 2017 Nifty 50 total return, month: −1.5%September 2017 Nifty 50 total return, month: −1.3%October 2017 Nifty 50 total return, month: 5.7%November 2017 Nifty 50 total return, month: −1.0%December 2017 Nifty 50 total return, month: 3.0%January 2018 Nifty 50 total return, month: 4.8%February 2018 Nifty 50 total return, month: −4.7%March 2018 Nifty 50 total return, month: −3.4%April 2018 Nifty 50 total return, month: 6.2%May 2018 Nifty 50 total return, month: 0.2%June 2018 Nifty 50 total return, month: 0.0%July 2018 Nifty 50 total return, month: 6.2%August 2018 Nifty 50 total return, month: 3.0%September 2018 Nifty 50 total return, month: −6.4%October 2018 Nifty 50 total return, month: −4.9%November 2018 Nifty 50 total return, month: 4.7%December 2018 Nifty 50 total return, month: −0.1%January 2019 Nifty 50 total return, month: −0.2%February 2019 Nifty 50 total return, month: −0.2%March 2019 Nifty 50 total return, month: 7.8%April 2019 Nifty 50 total return, month: 1.1%May 2019 Nifty 50 total return, month: 1.6%June 2019 Nifty 50 total return, month: −0.9%July 2019 Nifty 50 total return, month: −5.4%August 2019 Nifty 50 total return, month: −0.6%September 2019 Nifty 50 total return, month: 4.1%October 2019 Nifty 50 total return, month: 3.7%November 2019 Nifty 50 total return, month: 1.5%December 2019 Nifty 50 total return, month: 0.9%January 2020 Nifty 50 total return, month: −1.7%February 2020 Nifty 50 total return, month: −6.3%March 2020 Nifty 50 total return, month: −23.0%April 2020 Nifty 50 total return, month: 14.7%May 2020 Nifty 50 total return, month: −2.7%June 2020 Nifty 50 total return, month: 7.6%July 2020 Nifty 50 total return, month: 7.7%August 2020 Nifty 50 total return, month: 3.0%September 2020 Nifty 50 total return, month: −1.2%October 2020 Nifty 50 total return, month: 3.7%November 2020 Nifty 50 total return, month: 11.4%December 2020 Nifty 50 total return, month: 7.8%January 2021 Nifty 50 total return, month: −2.5%February 2021 Nifty 50 total return, month: 6.7%March 2021 Nifty 50 total return, month: 1.2%April 2021 Nifty 50 total return, month: −0.4%May 2021 Nifty 50 total return, month: 6.7%June 2021 Nifty 50 total return, month: 1.1%July 2021 Nifty 50 total return, month: 0.4%August 2021 Nifty 50 total return, month: 8.7%September 2021 Nifty 50 total return, month: 2.9%October 2021 Nifty 50 total return, month: 0.4%November 2021 Nifty 50 total return, month: −3.8%December 2021 Nifty 50 total return, month: 2.2%January 2022 Nifty 50 total return, month: −0.1%February 2022 Nifty 50 total return, month: −3.0%March 2022 Nifty 50 total return, month: 4.0%April 2022 Nifty 50 total return, month: −2.0%May 2022 Nifty 50 total return, month: −2.6%June 2022 Nifty 50 total return, month: −4.7%July 2022 Nifty 50 total return, month: 8.9%August 2022 Nifty 50 total return, month: 3.7%September 2022 Nifty 50 total return, month: −3.7%October 2022 Nifty 50 total return, month: 5.5%November 2022 Nifty 50 total return, month: 4.2%December 2022 Nifty 50 total return, month: −3.5%January 2023 Nifty 50 total return, month: −2.4%February 2023 Nifty 50 total return, month: −2.0%March 2023 Nifty 50 total return, month: 0.3%April 2023 Nifty 50 total return, month: 4.1%May 2023 Nifty 50 total return, month: 2.9%June 2023 Nifty 50 total return, month: 3.7%July 2023 Nifty 50 total return, month: 3.0%August 2023 Nifty 50 total return, month: −2.3%September 2023 Nifty 50 total return, month: 2.0%October 2023 Nifty 50 total return, month: −2.7%November 2023 Nifty 50 total return, month: 5.6%December 2023 Nifty 50 total return, month: 7.9%January 2024 Nifty 50 total return, month: 0.0%February 2024 Nifty 50 total return, month: 1.3%March 2024 Nifty 50 total return, month: 1.6%April 2024 Nifty 50 total return, month: 1.2%May 2024 Nifty 50 total return, month: 0.0%June 2024 Nifty 50 total return, month: 6.8%July 2024 Nifty 50 total return, month: 4.0%August 2024 Nifty 50 total return, month: 1.4%September 2024 Nifty 50 total return, month: 2.3%October 2024 Nifty 50 total return, month: −6.1%November 2024 Nifty 50 total return, month: −0.3%December 2024 Nifty 50 total return, month: −2.0%January 2025 Nifty 50 total return, month: −0.4%February 2025 Nifty 50 total return, month: −5.8%March 2025 Nifty 50 total return, month: 6.3%April 2025 Nifty 50 total return, month: 3.5%May 2025 Nifty 50 total return, month: 1.9%June 2025 Nifty 50 total return, month: 3.4%July 2025 Nifty 50 total return, month: −2.8%August 2025 Nifty 50 total return, month: −1.2%September 2025 Nifty 50 total return, month: 0.8%October 2025 Nifty 50 total return, month: 4.6%November 2025 Nifty 50 total return, month: 1.9%December 2025 Nifty 50 total return, month: −0.3%January 2026 Nifty 50 total return, month: −3.0%February 2026 Nifty 50 total return, month: −0.5%March 2026 Nifty 50 total return, month: −11.3%April 2026 Nifty 50 total return, month: 7.5%May 2026 Nifty 50 total return, month: −1.7%June 2026 Nifty 50 total return, month: 1.7%July 2026 Nifty 50 total return, month: 2.4%August 2026 Nifty 50 total return, month: −1.1%September 2026 Nifty 50 total return, month: −6.0%
  • Nifty 50 total return, month

Institutional buying

Mutual funds' net equity purchases

Sum of SEBI's daily custodian-reported equity trades by mutual funds on stock exchanges.

Includes provisional data

₹ crore / lakh crore

January 2015 Mutual funds' net equity purchases: ₹879 crFebruary 2015 Mutual funds' net equity purchases: ₹4,309 crMarch 2015 Mutual funds' net equity purchases: ₹3,940 crApril 2015 Mutual funds' net equity purchases: ₹9,244 crMay 2015 Mutual funds' net equity purchases: ₹4,177 crJune 2015 Mutual funds' net equity purchases: ₹10,325 crJuly 2015 Mutual funds' net equity purchases: ₹5,442 crAugust 2015 Mutual funds' net equity purchases: ₹10,533 crSeptember 2015 Mutual funds' net equity purchases: ₹9,320 crOctober 2015 Mutual funds' net equity purchases: ₹2,935 crNovember 2015 Mutual funds' net equity purchases: ₹6,548 crDecember 2015 Mutual funds' net equity purchases: ₹4,544 crJanuary 2016 Mutual funds' net equity purchases: ₹7,328 crFebruary 2016 Mutual funds' net equity purchases: ₹5,946 crMarch 2016 Mutual funds' net equity purchases: −₹10,198 crApril 2016 Mutual funds' net equity purchases: −₹576 crMay 2016 Mutual funds' net equity purchases: ₹7,149 crJune 2016 Mutual funds' net equity purchases: −₹86 crJuly 2016 Mutual funds' net equity purchases: −₹34 crAugust 2016 Mutual funds' net equity purchases: ₹2,717 crSeptember 2016 Mutual funds' net equity purchases: ₹3,841 crOctober 2016 Mutual funds' net equity purchases: ₹9,128 crNovember 2016 Mutual funds' net equity purchases: ₹13,775 crDecember 2016 Mutual funds' net equity purchases: ₹9,179 crJanuary 2017 Mutual funds' net equity purchases: ₹5,234 crFebruary 2017 Mutual funds' net equity purchases: ₹2,040 crMarch 2017 Mutual funds' net equity purchases: ₹4,192 crApril 2017 Mutual funds' net equity purchases: ₹11,244 crMay 2017 Mutual funds' net equity purchases: ₹9,358 crJune 2017 Mutual funds' net equity purchases: ₹9,106 crJuly 2017 Mutual funds' net equity purchases: ₹11,800 crAugust 2017 Mutual funds' net equity purchases: ₹17,941 crSeptember 2017 Mutual funds' net equity purchases: ₹17,457 crOctober 2017 Mutual funds' net equity purchases: ₹9,991 crNovember 2017 Mutual funds' net equity purchases: ₹12,080 crDecember 2017 Mutual funds' net equity purchases: ₹8,333 crJanuary 2018 Mutual funds' net equity purchases: ₹9,076 crFebruary 2018 Mutual funds' net equity purchases: ₹16,181 crMarch 2018 Mutual funds' net equity purchases: ₹9,268 crApril 2018 Mutual funds' net equity purchases: ₹11,293 crMay 2018 Mutual funds' net equity purchases: ₹13,619 crJune 2018 Mutual funds' net equity purchases: ₹9,443 crJuly 2018 Mutual funds' net equity purchases: ₹3,919 crAugust 2018 Mutual funds' net equity purchases: ₹4,095 crSeptember 2018 Mutual funds' net equity purchases: ₹11,638 crOctober 2018 Mutual funds' net equity purchases: ₹24,047 crNovember 2018 Mutual funds' net equity purchases: ₹5,236 crDecember 2018 Mutual funds' net equity purchases: ₹2,919 crJanuary 2019 Mutual funds' net equity purchases: ₹7,161 crFebruary 2019 Mutual funds' net equity purchases: ₹2,174 crMarch 2019 Mutual funds' net equity purchases: −₹7,396 crApril 2019 Mutual funds' net equity purchases: −₹4,600 crMay 2019 Mutual funds' net equity purchases: ₹5,164 crJune 2019 Mutual funds' net equity purchases: ₹6,232 crJuly 2019 Mutual funds' net equity purchases: ₹15,084 crAugust 2019 Mutual funds' net equity purchases: ₹17,424 crSeptember 2019 Mutual funds' net equity purchases: ₹10,901 crOctober 2019 Mutual funds' net equity purchases: ₹3,386 crNovember 2019 Mutual funds' net equity purchases: −₹5,097 crDecember 2019 Mutual funds' net equity purchases: ₹1,805 crJanuary 2020 Mutual funds' net equity purchases: ₹1,384 crFebruary 2020 Mutual funds' net equity purchases: ₹9,990 crMarch 2020 Mutual funds' net equity purchases: ₹30,286 crApril 2020 Mutual funds' net equity purchases: −₹7,966 crMay 2020 Mutual funds' net equity purchases: ₹6,522 crJune 2020 Mutual funds' net equity purchases: −₹502 crJuly 2020 Mutual funds' net equity purchases: −₹9,195 crAugust 2020 Mutual funds' net equity purchases: −₹9,213 crSeptember 2020 Mutual funds' net equity purchases: −₹4,134 crOctober 2020 Mutual funds' net equity purchases: −₹14,492 crNovember 2020 Mutual funds' net equity purchases: −₹30,760 crDecember 2020 Mutual funds' net equity purchases: −₹26,428 crJanuary 2021 Mutual funds' net equity purchases: −₹13,032 crFebruary 2021 Mutual funds' net equity purchases: −₹16,306 crMarch 2021 Mutual funds' net equity purchases: ₹4,773 crApril 2021 Mutual funds' net equity purchases: ₹5,526 crMay 2021 Mutual funds' net equity purchases: ₹476 crJune 2021 Mutual funds' net equity purchases: ₹6,437 crJuly 2021 Mutual funds' net equity purchases: ₹21,502 crAugust 2021 Mutual funds' net equity purchases: ₹11,546 crSeptember 2021 Mutual funds' net equity purchases: ₹7,701 crOctober 2021 Mutual funds' net equity purchases: ₹5,866 crNovember 2021 Mutual funds' net equity purchases: ₹24,121 crDecember 2021 Mutual funds' net equity purchases: ₹21,923 crJanuary 2022 Mutual funds' net equity purchases: ₹16,488 crFebruary 2022 Mutual funds' net equity purchases: ₹28,181 crMarch 2022 Mutual funds' net equity purchases: ₹22,220 crApril 2022 Mutual funds' net equity purchases: ₹22,371 crMay 2022 Mutual funds' net equity purchases: ₹29,414 crJune 2022 Mutual funds' net equity purchases: ₹22,051 crJuly 2022 Mutual funds' net equity purchases: ₹4,712 crAugust 2022 Mutual funds' net equity purchases: −₹1,121 crSeptember 2022 Mutual funds' net equity purchases: ₹18,602 crOctober 2022 Mutual funds' net equity purchases: ₹6,318 crNovember 2022 Mutual funds' net equity purchases: ₹1,688 crDecember 2022 Mutual funds' net equity purchases: ₹14,692 crJanuary 2023 Mutual funds' net equity purchases: ₹21,353 crFebruary 2023 Mutual funds' net equity purchases: ₹12,825 crMarch 2023 Mutual funds' net equity purchases: ₹20,764 crApril 2023 Mutual funds' net equity purchases: −₹4,533 crMay 2023 Mutual funds' net equity purchases: ₹2,447 crJune 2023 Mutual funds' net equity purchases: ₹5,664 crJuly 2023 Mutual funds' net equity purchases: ₹7,707 crAugust 2023 Mutual funds' net equity purchases: ₹25,501 crSeptember 2023 Mutual funds' net equity purchases: ₹20,843 crOctober 2023 Mutual funds' net equity purchases: ₹19,912 crNovember 2023 Mutual funds' net equity purchases: ₹18,024 crDecember 2023 Mutual funds' net equity purchases: ₹23,628 crJanuary 2024 Mutual funds' net equity purchases: ₹23,011 crFebruary 2024 Mutual funds' net equity purchases: ₹14,295 crMarch 2024 Mutual funds' net equity purchases: ₹44,233 crApril 2024 Mutual funds' net equity purchases: ₹32,824 crMay 2024 Mutual funds' net equity purchases: ₹48,099 crJune 2024 Mutual funds' net equity purchases: ₹28,226 crJuly 2024 Mutual funds' net equity purchases: ₹25,089 crAugust 2024 Mutual funds' net equity purchases: ₹31,685 crSeptember 2024 Mutual funds' net equity purchases: ₹32,561 crOctober 2024 Mutual funds' net equity purchases: ₹90,771 crNovember 2024 Mutual funds' net equity purchases: ₹35,633 crDecember 2024 Mutual funds' net equity purchases: ₹28,138 crJanuary 2025 Mutual funds' net equity purchases: ₹55,073 crFebruary 2025 Mutual funds' net equity purchases: ₹47,550 crMarch 2025 Mutual funds' net equity purchases: ₹13,459 crApril 2025 Mutual funds' net equity purchases: ₹16,078 crMay 2025 Mutual funds' net equity purchases: ₹55,411 crJune 2025 Mutual funds' net equity purchases: ₹43,496 crJuly 2025 Mutual funds' net equity purchases: ₹47,019 crAugust 2025 Mutual funds' net equity purchases: ₹70,534 crSeptember 2025 Mutual funds' net equity purchases: ₹41,123 crOctober 2025 Mutual funds' net equity purchases: ₹20,719 crNovember 2025 Mutual funds' net equity purchases: ₹43,465 crDecember 2025 Mutual funds' net equity purchases: ₹38,939 crJanuary 2026 Mutual funds' net equity purchases: ₹42,355 crFebruary 2026 Mutual funds' net equity purchases: ₹11,422 crMarch 2026 Mutual funds' net equity purchases: ₹98,833 crApril 2026 Mutual funds' net equity purchases: ₹30,594 crMay 2026 Mutual funds' net equity purchases: ₹60,597 crJune 2026 Mutual funds' net equity purchases: ₹50,643 crJuly 2026 Mutual funds' net equity purchases: ₹11,598 crAugust 2026 Mutual funds' net equity purchases: ₹56,979 crSeptember 2026 Mutual funds' net equity purchases: ₹53,887 cr
  • Mutual funds' net equity purchases

Institutional buying

FPI net equity investment

NSDL monthly net investment by foreign portfolio investors in equity.

Includes provisional data

₹ crore / lakh crore

January 2015 FPI net equity investment: ₹12,919 crFebruary 2015 FPI net equity investment: ₹11,475 crMarch 2015 FPI net equity investment: ₹12,076 crApril 2015 FPI net equity investment: ₹11,721 crMay 2015 FPI net equity investment: −₹5,769 crJune 2015 FPI net equity investment: −₹3,344 crJuly 2015 FPI net equity investment: ₹5,321 crAugust 2015 FPI net equity investment: −₹16,878 crSeptember 2015 FPI net equity investment: −₹6,477 crOctober 2015 FPI net equity investment: ₹6,649 crNovember 2015 FPI net equity investment: −₹7,074 crDecember 2015 FPI net equity investment: −₹2,818 crJanuary 2016 FPI net equity investment: −₹11,127 crFebruary 2016 FPI net equity investment: −₹5,522 crMarch 2016 FPI net equity investment: ₹21,142 crApril 2016 FPI net equity investment: ₹8,415 crMay 2016 FPI net equity investment: ₹2,542 crJune 2016 FPI net equity investment: ₹3,714 crJuly 2016 FPI net equity investment: ₹12,611 crAugust 2016 FPI net equity investment: ₹9,071 crSeptember 2016 FPI net equity investment: ₹10,444 crOctober 2016 FPI net equity investment: −₹4,306 crNovember 2016 FPI net equity investment: −₹18,244 crDecember 2016 FPI net equity investment: −₹8,177 crJanuary 2017 FPI net equity investment: −₹1,177 crFebruary 2017 FPI net equity investment: ₹9,902 crMarch 2017 FPI net equity investment: ₹30,906 crApril 2017 FPI net equity investment: ₹2,394 crMay 2017 FPI net equity investment: ₹7,711 crJune 2017 FPI net equity investment: ₹3,617 crJuly 2017 FPI net equity investment: ₹5,161 crAugust 2017 FPI net equity investment: −₹12,770 crSeptember 2017 FPI net equity investment: −₹11,392 crOctober 2017 FPI net equity investment: ₹3,055 crNovember 2017 FPI net equity investment: ₹19,728 crDecember 2017 FPI net equity investment: −₹5,883 crJanuary 2018 FPI net equity investment: ₹13,781 crFebruary 2018 FPI net equity investment: −₹11,423 crMarch 2018 FPI net equity investment: ₹11,654 crApril 2018 FPI net equity investment: −₹5,552 crMay 2018 FPI net equity investment: −₹10,060 crJune 2018 FPI net equity investment: −₹4,831 crJuly 2018 FPI net equity investment: ₹2,264 crAugust 2018 FPI net equity investment: ₹1,775 crSeptember 2018 FPI net equity investment: −₹10,825 crOctober 2018 FPI net equity investment: −₹28,921 crNovember 2018 FPI net equity investment: ₹5,981 crDecember 2018 FPI net equity investment: ₹3,143 crJanuary 2019 FPI net equity investment: −₹4,262 crFebruary 2019 FPI net equity investment: ₹17,220 crMarch 2019 FPI net equity investment: ₹33,981 crApril 2019 FPI net equity investment: ₹21,193 crMay 2019 FPI net equity investment: ₹7,920 crJune 2019 FPI net equity investment: ₹2,596 crJuly 2019 FPI net equity investment: −₹12,419 crAugust 2019 FPI net equity investment: −₹17,592 crSeptember 2019 FPI net equity investment: ₹7,548 crOctober 2019 FPI net equity investment: ₹12,368 crNovember 2019 FPI net equity investment: ₹25,231 crDecember 2019 FPI net equity investment: ₹7,338 crJanuary 2020 FPI net equity investment: ₹12,123 crFebruary 2020 FPI net equity investment: ₹1,820 crMarch 2020 FPI net equity investment: −₹61,973 crApril 2020 FPI net equity investment: −₹6,884 crMay 2020 FPI net equity investment: ₹14,569 crJune 2020 FPI net equity investment: ₹21,832 crJuly 2020 FPI net equity investment: ₹7,563 crAugust 2020 FPI net equity investment: ₹47,080 crSeptember 2020 FPI net equity investment: −₹7,783 crOctober 2020 FPI net equity investment: ₹19,541 crNovember 2020 FPI net equity investment: ₹60,358 crDecember 2020 FPI net equity investment: ₹62,016 crJanuary 2021 FPI net equity investment: ₹19,473 crFebruary 2021 FPI net equity investment: ₹25,787 crMarch 2021 FPI net equity investment: ₹10,482 crApril 2021 FPI net equity investment: −₹9,659 crMay 2021 FPI net equity investment: −₹2,954 crJune 2021 FPI net equity investment: ₹17,215 crJuly 2021 FPI net equity investment: −₹11,308 crAugust 2021 FPI net equity investment: ₹2,083 crSeptember 2021 FPI net equity investment: ₹13,154 crOctober 2021 FPI net equity investment: −₹13,550 crNovember 2021 FPI net equity investment: −₹5,945 crDecember 2021 FPI net equity investment: −₹19,026 crJanuary 2022 FPI net equity investment: −₹33,303 crFebruary 2022 FPI net equity investment: −₹35,592 crMarch 2022 FPI net equity investment: −₹41,123 crApril 2022 FPI net equity investment: −₹17,144 crMay 2022 FPI net equity investment: −₹39,993 crJune 2022 FPI net equity investment: −₹50,203 crJuly 2022 FPI net equity investment: ₹4,989 crAugust 2022 FPI net equity investment: ₹51,204 crSeptember 2022 FPI net equity investment: −₹7,624 crOctober 2022 FPI net equity investment: −₹8 crNovember 2022 FPI net equity investment: ₹36,239 crDecember 2022 FPI net equity investment: ₹11,119 crJanuary 2023 FPI net equity investment: −₹28,852 crFebruary 2023 FPI net equity investment: −₹5,294 crMarch 2023 FPI net equity investment: ₹7,936 crApril 2023 FPI net equity investment: ₹11,631 crMay 2023 FPI net equity investment: ₹43,838 crJune 2023 FPI net equity investment: ₹47,148 crJuly 2023 FPI net equity investment: ₹46,618 crAugust 2023 FPI net equity investment: ₹12,262 crSeptember 2023 FPI net equity investment: −₹14,768 crOctober 2023 FPI net equity investment: −₹24,548 crNovember 2023 FPI net equity investment: ₹9,001 crDecember 2023 FPI net equity investment: ₹66,135 crJanuary 2024 FPI net equity investment: −₹25,744 crFebruary 2024 FPI net equity investment: ₹1,539 crMarch 2024 FPI net equity investment: ₹35,098 crApril 2024 FPI net equity investment: −₹8,671 crMay 2024 FPI net equity investment: −₹25,586 crJune 2024 FPI net equity investment: ₹26,565 crJuly 2024 FPI net equity investment: ₹32,365 crAugust 2024 FPI net equity investment: ₹7,320 crSeptember 2024 FPI net equity investment: ₹57,724 crOctober 2024 FPI net equity investment: −₹94,017 crNovember 2024 FPI net equity investment: −₹21,612 crDecember 2024 FPI net equity investment: ₹15,446 crJanuary 2025 FPI net equity investment: −₹78,027 crFebruary 2025 FPI net equity investment: −₹34,574 crMarch 2025 FPI net equity investment: −₹3,973 crApril 2025 FPI net equity investment: ₹4,223 crMay 2025 FPI net equity investment: ₹19,860 crJune 2025 FPI net equity investment: ₹14,590 crJuly 2025 FPI net equity investment: −₹17,741 crAugust 2025 FPI net equity investment: −₹34,993 crSeptember 2025 FPI net equity investment: −₹23,885 crOctober 2025 FPI net equity investment: ₹14,610 crNovember 2025 FPI net equity investment: −₹3,765 crDecember 2025 FPI net equity investment: −₹22,611 crJanuary 2026 FPI net equity investment: −₹35,962 crFebruary 2026 FPI net equity investment: ₹22,615 crMarch 2026 FPI net equity investment: −₹1.18 lakh crApril 2026 FPI net equity investment: −₹60,847 crMay 2026 FPI net equity investment: −₹32,963 crJune 2026 FPI net equity investment: −₹49,340 crJuly 2026 FPI net equity investment: ₹20,200 crAugust 2026 FPI net equity investment: ₹29,631 crSeptember 2026 FPI net equity investment: −₹35,861 cr
  • FPI net equity investment

Individual charts show all published observations within the date window. Episode exclusions apply to the combined chart and statistics only.

Selected pair · same monthPearson rSpearmanMatched months
Nifty 50 total return, month ↔ Mutual funds' net equity purchases−0.42−0.40140
Nifty 50 total return, month ↔ FPI net equity investment0.520.49140
Mutual funds' net equity purchases ↔ FPI net equity investment−0.62−0.53141
How do markets and funds move with the economy?

Correlation matrix

Rows are macroeconomic measures; columns are markets and fund flows. Positive values mean they tended to move together, negative values mean opposite directions. Each pair uses only its matched months. Select a cell to explore it below.

Inflation bases are kept separate. The rupee, money and rate measures use changes; their last weekly or fortnightly observation in each month is identified in the chart evidence. No quarterly GDP values are repeated across months.

X ↓ / Y →Nifty 50, 1mMF net buyingFPI net buyingNifty 100 priceSmall caps, 1mEquity netSIP YoYLarge-cap median excess
CPI, old base
CPI, new base
Rupee change
Call rate change
Reserves change
Money growth
−1 · opposite0 · little linear relation+1 · together

Colour shows direction and size. Faded cells are pairs whose 95% interval includes zero, on the effective sample size, so the months do not rule out no relationship. An unavailable interval is also faded. These are exploratory intervals; serial dependence and testing many pairs can overstate confidence. Flows from the same family can correlate by arithmetic.

Explore the selected relationship: FPI net equity investment and Mutual funds' net equity purchases
CompareMonthly values

Selected relationship

FPI net equity investment ↔ Mutual funds' net equity purchases

Pearson r−0.62

Exploratory sample — no causal inference · 2 pairs include a provisional input.

Y: Mutual funds' net equity purchases · ₹ crore

−₹46,311 cr−₹1.4L cr−₹6,137 cr−₹82,832 cr₹34,036 cr−₹25,820 cr₹74,210 cr₹31,192 cr₹1.14L cr₹88,204 crX Jan 2015: +₹12,919 cr; Y Jan 2015: +₹879 crX Feb 2015: +₹11,475 cr; Y Feb 2015: +₹4,309 crX Mar 2015: +₹12,076 cr; Y Mar 2015: +₹3,940 crX Apr 2015: +₹11,721 cr; Y Apr 2015: +₹9,244 crX May 2015: −₹5,769 cr; Y May 2015: +₹4,177 crX Jun 2015: −₹3,344 cr; Y Jun 2015: +₹10,325 crX Jul 2015: +₹5,321 cr; Y Jul 2015: +₹5,442 crX Aug 2015: −₹16,878 cr; Y Aug 2015: +₹10,533 crX Sep 2015: −₹6,477 cr; Y Sep 2015: +₹9,320 crX Oct 2015: +₹6,649 cr; Y Oct 2015: +₹2,935 crX Nov 2015: −₹7,074 cr; Y Nov 2015: +₹6,548 crX Dec 2015: −₹2,818 cr; Y Dec 2015: +₹4,544 crX Jan 2016: −₹11,127 cr; Y Jan 2016: +₹7,328 crX Feb 2016: −₹5,522 cr; Y Feb 2016: +₹5,946 crX Mar 2016: +₹21,142 cr; Y Mar 2016: −₹10,198 crX Apr 2016: +₹8,415 cr; Y Apr 2016: −₹576 crX May 2016: +₹2,542 cr; Y May 2016: +₹7,149 crX Jun 2016: +₹3,714 cr; Y Jun 2016: −₹86 crX Jul 2016: +₹12,611 cr; Y Jul 2016: −₹34 crX Aug 2016: +₹9,071 cr; Y Aug 2016: +₹2,717 crX Sep 2016: +₹10,444 cr; Y Sep 2016: +₹3,841 crX Oct 2016: −₹4,306 cr; Y Oct 2016: +₹9,128 crX Nov 2016: −₹18,244 cr; Y Nov 2016: +₹13,775 crX Dec 2016: −₹8,177 cr; Y Dec 2016: +₹9,179 crX Jan 2017: −₹1,177 cr; Y Jan 2017: +₹5,234 crX Feb 2017: +₹9,902 cr; Y Feb 2017: +₹2,040 crX Mar 2017: +₹30,906 cr; Y Mar 2017: +₹4,192 crX Apr 2017: +₹2,394 cr; Y Apr 2017: +₹11,244 crX May 2017: +₹7,711 cr; Y May 2017: +₹9,358 crX Jun 2017: +₹3,617 cr; Y Jun 2017: +₹9,106 crX Jul 2017: +₹5,161 cr; Y Jul 2017: +₹11,800 crX Aug 2017: −₹12,770 cr; Y Aug 2017: +₹17,941 crX Sep 2017: −₹11,392 cr; Y Sep 2017: +₹17,457 crX Oct 2017: +₹3,055 cr; Y Oct 2017: +₹9,991 crX Nov 2017: +₹19,728 cr; Y Nov 2017: +₹12,080 crX Dec 2017: −₹5,883 cr; Y Dec 2017: +₹8,333 crX Jan 2018: +₹13,781 cr; Y Jan 2018: +₹9,076 crX Feb 2018: −₹11,423 cr; Y Feb 2018: +₹16,181 crX Mar 2018: +₹11,654 cr; Y Mar 2018: +₹9,268 crX Apr 2018: −₹5,552 cr; Y Apr 2018: +₹11,293 crX May 2018: −₹10,060 cr; Y May 2018: +₹13,619 crX Jun 2018: −₹4,831 cr; Y Jun 2018: +₹9,443 crX Jul 2018: +₹2,264 cr; Y Jul 2018: +₹3,919 crX Aug 2018: +₹1,775 cr; Y Aug 2018: +₹4,095 crX Sep 2018: −₹10,825 cr; Y Sep 2018: +₹11,638 crX Oct 2018: −₹28,921 cr; Y Oct 2018: +₹24,047 crX Nov 2018: +₹5,981 cr; Y Nov 2018: +₹5,236 crX Dec 2018: +₹3,143 cr; Y Dec 2018: +₹2,919 crX Jan 2019: −₹4,262 cr; Y Jan 2019: +₹7,161 crX Feb 2019: +₹17,220 cr; Y Feb 2019: +₹2,174 crX Mar 2019: +₹33,981 cr; Y Mar 2019: −₹7,396 crX Apr 2019: +₹21,193 cr; Y Apr 2019: −₹4,600 crX May 2019: +₹7,920 cr; Y May 2019: +₹5,164 crX Jun 2019: +₹2,596 cr; Y Jun 2019: +₹6,232 crX Jul 2019: −₹12,419 cr; Y Jul 2019: +₹15,084 crX Aug 2019: −₹17,592 cr; Y Aug 2019: +₹17,424 crX Sep 2019: +₹7,548 cr; Y Sep 2019: +₹10,901 crX Oct 2019: +₹12,368 cr; Y Oct 2019: +₹3,386 crX Nov 2019: +₹25,231 cr; Y Nov 2019: −₹5,097 crX Dec 2019: +₹7,338 cr; Y Dec 2019: +₹1,805 crX Jan 2020: +₹12,123 cr; Y Jan 2020: +₹1,384 crX Feb 2020: +₹1,820 cr; Y Feb 2020: +₹9,990 crX Mar 2020: −₹61,973 cr; Y Mar 2020: +₹30,286 crX Apr 2020: −₹6,884 cr; Y Apr 2020: −₹7,966 crX May 2020: +₹14,569 cr; Y May 2020: +₹6,522 crX Jun 2020: +₹21,832 cr; Y Jun 2020: −₹502 crX Jul 2020: +₹7,563 cr; Y Jul 2020: −₹9,195 crX Aug 2020: +₹47,080 cr; Y Aug 2020: −₹9,213 crX Sep 2020: −₹7,783 cr; Y Sep 2020: −₹4,134 crX Oct 2020: +₹19,541 cr; Y Oct 2020: −₹14,492 crX Nov 2020: +₹60,358 cr; Y Nov 2020: −₹30,760 crX Dec 2020: +₹62,016 cr; Y Dec 2020: −₹26,428 crX Jan 2021: +₹19,473 cr; Y Jan 2021: −₹13,032 crX Feb 2021: +₹25,787 cr; Y Feb 2021: −₹16,306 crX Mar 2021: +₹10,482 cr; Y Mar 2021: +₹4,773 crX Apr 2021: −₹9,659 cr; Y Apr 2021: +₹5,526 crX May 2021: −₹2,954 cr; Y May 2021: +₹476 crX Jun 2021: +₹17,215 cr; Y Jun 2021: +₹6,437 crX Jul 2021: −₹11,308 cr; Y Jul 2021: +₹21,502 crX Aug 2021: +₹2,083 cr; Y Aug 2021: +₹11,546 crX Sep 2021: +₹13,154 cr; Y Sep 2021: +₹7,701 crX Oct 2021: −₹13,550 cr; Y Oct 2021: +₹5,866 crX Nov 2021: −₹5,945 cr; Y Nov 2021: +₹24,121 crX Dec 2021: −₹19,026 cr; Y Dec 2021: +₹21,923 crX Jan 2022: −₹33,303 cr; Y Jan 2022: +₹16,488 crX Feb 2022: −₹35,592 cr; Y Feb 2022: +₹28,181 crX Mar 2022: −₹41,123 cr; Y Mar 2022: +₹22,220 crX Apr 2022: −₹17,144 cr; Y Apr 2022: +₹22,371 crX May 2022: −₹39,993 cr; Y May 2022: +₹29,414 crX Jun 2022: −₹50,203 cr; Y Jun 2022: +₹22,051 crX Jul 2022: +₹4,989 cr; Y Jul 2022: +₹4,712 crX Aug 2022: +₹51,204 cr; Y Aug 2022: −₹1,121 crX Sep 2022: −₹7,624 cr; Y Sep 2022: +₹18,602 crX Oct 2022: −₹8 cr; Y Oct 2022: +₹6,318 crX Nov 2022: +₹36,239 cr; Y Nov 2022: +₹1,688 crX Dec 2022: +₹11,119 cr; Y Dec 2022: +₹14,692 crX Jan 2023: −₹28,852 cr; Y Jan 2023: +₹21,353 crX Feb 2023: −₹5,294 cr; Y Feb 2023: +₹12,825 crX Mar 2023: +₹7,936 cr; Y Mar 2023: +₹20,764 crX Apr 2023: +₹11,631 cr; Y Apr 2023: −₹4,533 crX May 2023: +₹43,838 cr; Y May 2023: +₹2,447 crX Jun 2023: +₹47,148 cr; Y Jun 2023: +₹5,664 crX Jul 2023: +₹46,618 cr; Y Jul 2023: +₹7,707 crX Aug 2023: +₹12,262 cr; Y Aug 2023: +₹25,501 crX Sep 2023: −₹14,768 cr; Y Sep 2023: +₹20,843 crX Oct 2023: −₹24,548 cr; Y Oct 2023: +₹19,912 crX Nov 2023: +₹9,001 cr; Y Nov 2023: +₹18,024 crX Dec 2023: +₹66,135 cr; Y Dec 2023: +₹23,628 crX Jan 2024: −₹25,744 cr; Y Jan 2024: +₹23,011 crX Feb 2024: +₹1,539 cr; Y Feb 2024: +₹14,295 crX Mar 2024: +₹35,098 cr; Y Mar 2024: +₹44,233 crX Apr 2024: −₹8,671 cr; Y Apr 2024: +₹32,824 crX May 2024: −₹25,586 cr; Y May 2024: +₹48,099 crX Jun 2024: +₹26,565 cr; Y Jun 2024: +₹28,226 crX Jul 2024: +₹32,365 cr; Y Jul 2024: +₹25,089 crX Aug 2024: +₹7,320 cr; Y Aug 2024: +₹31,685 crX Sep 2024: +₹57,724 cr; Y Sep 2024: +₹32,561 crX Oct 2024: −₹94,017 cr; Y Oct 2024: +₹90,771 crX Nov 2024: −₹21,612 cr; Y Nov 2024: +₹35,633 crX Dec 2024: +₹15,446 cr; Y Dec 2024: +₹28,138 crX Jan 2025: −₹78,027 cr; Y Jan 2025: +₹55,073 crX Feb 2025: −₹34,574 cr; Y Feb 2025: +₹47,550 crX Mar 2025: −₹3,973 cr; Y Mar 2025: +₹13,459 crX Apr 2025: +₹4,223 cr; Y Apr 2025: +₹16,078 crX May 2025: +₹19,860 cr; Y May 2025: +₹55,411 crX Jun 2025: +₹14,590 cr; Y Jun 2025: +₹43,496 crX Jul 2025: −₹17,741 cr; Y Jul 2025: +₹47,019 crX Aug 2025: −₹34,993 cr; Y Aug 2025: +₹70,534 crX Sep 2025: −₹23,885 cr; Y Sep 2025: +₹41,123 crX Oct 2025: +₹14,610 cr; Y Oct 2025: +₹20,719 crX Nov 2025: −₹3,765 cr; Y Nov 2025: +₹43,465 crX Dec 2025: −₹22,611 cr; Y Dec 2025: +₹38,939 crX Jan 2026: −₹35,962 cr; Y Jan 2026: +₹42,355 crX Feb 2026: +₹22,615 cr; Y Feb 2026: +₹11,422 crX Mar 2026: −₹1.18 lakh cr; Y Mar 2026: +₹98,833 crX Apr 2026: −₹60,847 cr; Y Apr 2026: +₹30,594 crX May 2026: −₹32,963 cr; Y May 2026: +₹60,597 crX Jun 2026: −₹49,340 cr; Y Jun 2026: +₹50,643 crX Jul 2026: +₹20,200 cr; Y Jul 2026: +₹11,598 crX Aug 2026: +₹29,631 cr; Y Aug 2026: +₹56,979 crX Sep 2026: −₹35,861 cr; Y Sep 2026: +₹53,887 cr

X: FPI net equity investment · ₹ crore

n = 141 matched months 95% interval −0.71 to −0.51 Line-fit r² = 0.39 Spearman = −0.53

Both series are rupee flows from the same family; part of their co-movement can be arithmetic (one contains or offsets the other).

Check the timing

Lead–lag check

Right of zero, FPI net buying comes first; left of zero, MF net buying does. Each bar has its own matched months. A lead is not a cause.

How sure is r = −0.62?

95% interval −0.71 to −0.51, on 141 months. The interval excludes zero: the estimated association is negative under this interval method; serial dependence or other factors may explain it.

Leaving any one month out moves r between −0.65 and −0.57.

Trying many pairs and lags raises the chance of a striking result by luck. Treat a pattern as a lead to check, not a finding.

View matched months (141)
X monthX valueY monthY valueStatus X / Y
Jan 2015+₹12,919 crJan 2015+₹879 crVerified / Verified
Feb 2015+₹11,475 crFeb 2015+₹4,309 crVerified / Verified
Mar 2015+₹12,076 crMar 2015+₹3,940 crVerified / Verified
Apr 2015+₹11,721 crApr 2015+₹9,244 crVerified / Verified
May 2015−₹5,769 crMay 2015+₹4,177 crVerified / Verified
Jun 2015−₹3,344 crJun 2015+₹10,325 crVerified / Verified
Jul 2015+₹5,321 crJul 2015+₹5,442 crVerified / Verified
Aug 2015−₹16,878 crAug 2015+₹10,533 crVerified / Verified
Sep 2015−₹6,477 crSep 2015+₹9,320 crVerified / Verified
Oct 2015+₹6,649 crOct 2015+₹2,935 crVerified / Verified
Nov 2015−₹7,074 crNov 2015+₹6,548 crVerified / Verified
Dec 2015−₹2,818 crDec 2015+₹4,544 crVerified / Verified
Jan 2016−₹11,127 crJan 2016+₹7,328 crVerified / Verified
Feb 2016−₹5,522 crFeb 2016+₹5,946 crVerified / Verified
Mar 2016+₹21,142 crMar 2016−₹10,198 crVerified / Verified
Apr 2016+₹8,415 crApr 2016−₹576 crVerified / Verified
May 2016+₹2,542 crMay 2016+₹7,149 crVerified / Verified
Jun 2016+₹3,714 crJun 2016−₹86 crVerified / Verified
Jul 2016+₹12,611 crJul 2016−₹34 crVerified / Verified
Aug 2016+₹9,071 crAug 2016+₹2,717 crVerified / Verified
Sep 2016+₹10,444 crSep 2016+₹3,841 crVerified / Verified
Oct 2016−₹4,306 crOct 2016+₹9,128 crVerified / Verified
Nov 2016−₹18,244 crNov 2016+₹13,775 crVerified / Verified
Dec 2016−₹8,177 crDec 2016+₹9,179 crVerified / Verified
Jan 2017−₹1,177 crJan 2017+₹5,234 crVerified / Verified
Feb 2017+₹9,902 crFeb 2017+₹2,040 crVerified / Verified
Mar 2017+₹30,906 crMar 2017+₹4,192 crVerified / Verified
Apr 2017+₹2,394 crApr 2017+₹11,244 crVerified / Verified
May 2017+₹7,711 crMay 2017+₹9,358 crVerified / Verified
Jun 2017+₹3,617 crJun 2017+₹9,106 crVerified / Verified
Jul 2017+₹5,161 crJul 2017+₹11,800 crVerified / Verified
Aug 2017−₹12,770 crAug 2017+₹17,941 crVerified / Verified
Sep 2017−₹11,392 crSep 2017+₹17,457 crVerified / Verified
Oct 2017+₹3,055 crOct 2017+₹9,991 crVerified / Verified
Nov 2017+₹19,728 crNov 2017+₹12,080 crVerified / Verified
Dec 2017−₹5,883 crDec 2017+₹8,333 crVerified / Verified
Jan 2018+₹13,781 crJan 2018+₹9,076 crVerified / Verified
Feb 2018−₹11,423 crFeb 2018+₹16,181 crVerified / Verified
Mar 2018+₹11,654 crMar 2018+₹9,268 crVerified / Verified
Apr 2018−₹5,552 crApr 2018+₹11,293 crVerified / Verified
May 2018−₹10,060 crMay 2018+₹13,619 crVerified / Verified
Jun 2018−₹4,831 crJun 2018+₹9,443 crVerified / Verified
Jul 2018+₹2,264 crJul 2018+₹3,919 crVerified / Verified
Aug 2018+₹1,775 crAug 2018+₹4,095 crVerified / Verified
Sep 2018−₹10,825 crSep 2018+₹11,638 crVerified / Verified
Oct 2018−₹28,921 crOct 2018+₹24,047 crVerified / Verified
Nov 2018+₹5,981 crNov 2018+₹5,236 crVerified / Verified
Dec 2018+₹3,143 crDec 2018+₹2,919 crVerified / Verified
Jan 2019−₹4,262 crJan 2019+₹7,161 crVerified / Verified
Feb 2019+₹17,220 crFeb 2019+₹2,174 crVerified / Verified
Mar 2019+₹33,981 crMar 2019−₹7,396 crVerified / Verified
Apr 2019+₹21,193 crApr 2019−₹4,600 crVerified / Verified
May 2019+₹7,920 crMay 2019+₹5,164 crVerified / Verified
Jun 2019+₹2,596 crJun 2019+₹6,232 crVerified / Verified
Jul 2019−₹12,419 crJul 2019+₹15,084 crVerified / Verified
Aug 2019−₹17,592 crAug 2019+₹17,424 crVerified / Verified
Sep 2019+₹7,548 crSep 2019+₹10,901 crVerified / Verified
Oct 2019+₹12,368 crOct 2019+₹3,386 crVerified / Verified
Nov 2019+₹25,231 crNov 2019−₹5,097 crVerified / Verified
Dec 2019+₹7,338 crDec 2019+₹1,805 crVerified / Verified
Jan 2020+₹12,123 crJan 2020+₹1,384 crVerified / Verified
Feb 2020+₹1,820 crFeb 2020+₹9,990 crVerified / Verified
Mar 2020−₹61,973 crMar 2020+₹30,286 crVerified / Verified
Apr 2020−₹6,884 crApr 2020−₹7,966 crVerified / Verified
May 2020+₹14,569 crMay 2020+₹6,522 crVerified / Verified
Jun 2020+₹21,832 crJun 2020−₹502 crVerified / Verified
Jul 2020+₹7,563 crJul 2020−₹9,195 crVerified / Verified
Aug 2020+₹47,080 crAug 2020−₹9,213 crVerified / Verified
Sep 2020−₹7,783 crSep 2020−₹4,134 crVerified / Verified
Oct 2020+₹19,541 crOct 2020−₹14,492 crVerified / Verified
Nov 2020+₹60,358 crNov 2020−₹30,760 crVerified / Verified
Dec 2020+₹62,016 crDec 2020−₹26,428 crVerified / Verified
Jan 2021+₹19,473 crJan 2021−₹13,032 crVerified / Verified
Feb 2021+₹25,787 crFeb 2021−₹16,306 crVerified / Verified
Mar 2021+₹10,482 crMar 2021+₹4,773 crVerified / Verified
Apr 2021−₹9,659 crApr 2021+₹5,526 crVerified / Verified
May 2021−₹2,954 crMay 2021+₹476 crVerified / Verified
Jun 2021+₹17,215 crJun 2021+₹6,437 crVerified / Verified
Jul 2021−₹11,308 crJul 2021+₹21,502 crVerified / Verified
Aug 2021+₹2,083 crAug 2021+₹11,546 crVerified / Verified
Sep 2021+₹13,154 crSep 2021+₹7,701 crVerified / Verified
Oct 2021−₹13,550 crOct 2021+₹5,866 crVerified / Verified
Nov 2021−₹5,945 crNov 2021+₹24,121 crVerified / Verified
Dec 2021−₹19,026 crDec 2021+₹21,923 crVerified / Verified
Jan 2022−₹33,303 crJan 2022+₹16,488 crVerified / Verified
Feb 2022−₹35,592 crFeb 2022+₹28,181 crVerified / Verified
Mar 2022−₹41,123 crMar 2022+₹22,220 crVerified / Verified
Apr 2022−₹17,144 crApr 2022+₹22,371 crVerified / Verified
May 2022−₹39,993 crMay 2022+₹29,414 crVerified / Verified
Jun 2022−₹50,203 crJun 2022+₹22,051 crVerified / Verified
Jul 2022+₹4,989 crJul 2022+₹4,712 crVerified / Verified
Aug 2022+₹51,204 crAug 2022−₹1,121 crVerified / Verified
Sep 2022−₹7,624 crSep 2022+₹18,602 crVerified / Verified
Oct 2022−₹8 crOct 2022+₹6,318 crVerified / Verified
Nov 2022+₹36,239 crNov 2022+₹1,688 crVerified / Verified
Dec 2022+₹11,119 crDec 2022+₹14,692 crVerified / Verified
Jan 2023−₹28,852 crJan 2023+₹21,353 crVerified / Verified
Feb 2023−₹5,294 crFeb 2023+₹12,825 crVerified / Verified
Mar 2023+₹7,936 crMar 2023+₹20,764 crVerified / Verified
Apr 2023+₹11,631 crApr 2023−₹4,533 crVerified / Verified
May 2023+₹43,838 crMay 2023+₹2,447 crVerified / Verified
Jun 2023+₹47,148 crJun 2023+₹5,664 crVerified / Verified
Jul 2023+₹46,618 crJul 2023+₹7,707 crVerified / Verified
Aug 2023+₹12,262 crAug 2023+₹25,501 crVerified / Verified
Sep 2023−₹14,768 crSep 2023+₹20,843 crVerified / Verified
Oct 2023−₹24,548 crOct 2023+₹19,912 crVerified / Verified
Nov 2023+₹9,001 crNov 2023+₹18,024 crVerified / Verified
Dec 2023+₹66,135 crDec 2023+₹23,628 crVerified / Verified
Jan 2024−₹25,744 crJan 2024+₹23,011 crVerified / Verified
Feb 2024+₹1,539 crFeb 2024+₹14,295 crVerified / Verified
Mar 2024+₹35,098 crMar 2024+₹44,233 crVerified / Verified
Apr 2024−₹8,671 crApr 2024+₹32,824 crVerified / Verified
May 2024−₹25,586 crMay 2024+₹48,099 crVerified / Verified
Jun 2024+₹26,565 crJun 2024+₹28,226 crVerified / Verified
Jul 2024+₹32,365 crJul 2024+₹25,089 crVerified / Verified
Aug 2024+₹7,320 crAug 2024+₹31,685 crVerified / Verified
Sep 2024+₹57,724 crSep 2024+₹32,561 crVerified / Verified
Oct 2024−₹94,017 crOct 2024+₹90,771 crVerified / Verified
Nov 2024−₹21,612 crNov 2024+₹35,633 crVerified / Verified
Dec 2024+₹15,446 crDec 2024+₹28,138 crVerified / Verified
Jan 2025−₹78,027 crJan 2025+₹55,073 crVerified / Verified
Feb 2025−₹34,574 crFeb 2025+₹47,550 crVerified / Verified
Mar 2025−₹3,973 crMar 2025+₹13,459 crVerified / Verified
Apr 2025+₹4,223 crApr 2025+₹16,078 crVerified / Verified
May 2025+₹19,860 crMay 2025+₹55,411 crVerified / Verified
Jun 2025+₹14,590 crJun 2025+₹43,496 crVerified / Verified
Jul 2025−₹17,741 crJul 2025+₹47,019 crVerified / Verified
Aug 2025−₹34,993 crAug 2025+₹70,534 crVerified / Verified
Sep 2025−₹23,885 crSep 2025+₹41,123 crVerified / Verified
Oct 2025+₹14,610 crOct 2025+₹20,719 crVerified / Verified
Nov 2025−₹3,765 crNov 2025+₹43,465 crVerified / Verified
Dec 2025−₹22,611 crDec 2025+₹38,939 crVerified / Verified
Jan 2026−₹35,962 crJan 2026+₹42,355 crVerified / Verified
Feb 2026+₹22,615 crFeb 2026+₹11,422 crVerified / Verified
Mar 2026−₹1.18 lakh crMar 2026+₹98,833 crVerified / Verified
Apr 2026−₹60,847 crApr 2026+₹30,594 crVerified / Verified
May 2026−₹32,963 crMay 2026+₹60,597 crVerified / Verified
Jun 2026−₹49,340 crJun 2026+₹50,643 crVerified / Verified
Jul 2026+₹20,200 crJul 2026+₹11,598 crVerified / Verified
Aug 2026+₹29,631 crAug 2026+₹56,979 crProvisional / Provisional
Sep 2026−₹35,861 crSep 2026+₹53,887 crProvisional / Provisional

Sources: AMFI, NSE Indices, SEBI, NSDL, RBI, IMF and MoSPI. Each chart includes its observation dates, units and source evidence. Missing months stay blank. Correlation describes co-movement; it does not establish cause. Inflation sources · Rupee, rates and money sources.

Copy every research series with its observation Ids, methods and snapshots.

Research notes

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