Foreign portfolio investors (FPIs) are facing their most severe annual equity selloff in FY25, witnessing outflows amounting to Rs 1.5 lakh crore. The majority of this selloff has taken place in the secondary market. Conversely, domestic investors have displayed robust confidence by pouring in a record Rs 4.7 lakh crore in FY25. Although FPIs have been net sellers, they continue to be active buyers in the primary market.