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Foreign investors sold ₹19,014 crore of Indian equities in the first half of January 2026, offloading FMCG (₹6,128 cr), financials (₹3,190 cr) and IT (₹2,075 cr) as weak consumption prints, recalibrated rate-cut hopes, and soft global tech spending clouded near-term earnings. Flows pivoted to metals & mining (₹2,689 cr inflow) and other cyclicals, signaling a move away from rich-valued defensives and rate-sensitives. Strategists cited single-digit FMCG volume visibility, NBFC asset-quality worries, and IT’s discretionary demand uncertainty as drivers of the rotation.
