Foreign portfolio investors (FPIs) made their comeback to Indian equities in July after staying away for four consecutive months, emerging as net buyers with investments worth Rs 20,200 crore. Attractive valuations, improving corporate earnings and a better global investment environment helped bring foreign investors back. According to data from the Central Depository Services (India) Ltd (CDSL), FPIs had pulled out Rs 1.17 lakh crore from Indian equities in March, followed by outflows of Rs 60,847 crore in April, Rs 32,963 crore in May and Rs 49,340 crore in June. Before this, they had invested Rs 22,615 crore in February. Even with the July inflows, foreign investors remain net sellers for the year. They have withdrawn a total of Rs 2.54 lakh crore from Indian equities so far in 2026, much higher than the net outflow of Rs 1.66 lakh crore recorded during the whole of 2025.