January 2026: FPIs Extend Equity Selling, but Add Debt; DIIs and MFs Absorb the Supply
January 2026 Sectoral Shifts: Second-Half Buying Spikes in Metals; Financials & Consumption Stay the Key Drag
Second-half rotation lifts cyclicals: FPI buying was heavily concentrated in Metals & Mining, totaling ₹11,526 Cr, with a sharp acceleration in the 16th–31st window (₹8,837 Cr vs ₹2,689 Cr in the first half). Capital Goods also saw stronger late-month participation at ₹2,761 Cr, driven largely by second-half buying (₹2,435 Cr), pointing to selective interest in cyclical/capex themes. Buying in Chemicals was marginal at ₹140 Cr, while Forest Materials stayed broadly flat (₹2 Cr).
Financials and Consumption Remain the Key Drag
- Selling remains broad-based, led by Financials and consumer-facing sectors: Financial Services recorded the deepest outflows at ₹8,592 Cr, with selling intensifying in the second half (₹5,402 Cr vs ₹3,190 Cr). FMCG selling totaled ₹7,497 Cr, but was front-loaded in the first half (₹6,128 Cr vs ₹1,369 Cr later).
- Healthcare saw sharper second-half unwinding (₹6,162 Cr total; ₹5,113 Cr in 16th–31st), while Consumer Services (₹5,513 Cr) and Telecommunication (₹4,777 Cr) also faced heavier late-month exits. Automobile (₹3,594 Cr), Realty (₹2,655 Cr) and Services (₹1,971 Cr) stayed net sold, though Services selling moderated in the second half (₹384 Cr vs ₹1,587 Cr).
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