September IPO rush draws $1 billion FPI money even as listed stocks see record outflows
Reliance Industries launched an initiative in an institutional flows development.
· Economic Times Markets, ET Stocks
In September, Foreign Portfolio Investors actively participated in the Indian primary market by investing $1 billion. Simultaneously, they offloaded $4.8 billion worth of equities from the secondary market. A total of 96 IPOs have launched in 2026, with 34 occurring in September alone. The expected future launch of the Jio Platforms IPO may influence upcoming primary market dynamics.
The analysis
Against that, the stock is -2.5% on the day at ₹1,177.40, and has returned -7.9% over three months. It sits 26% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -0.3% over the same period, so Reliance Industries is running 7.6 points behind its peers.
This is an Index / institutional flows event. Passive and institutional flows move price independently of fundamentals, and around rebalancing dates they dominate it. On the day the stock is -2.5%, so the market took notice.
For Reliance Industries, the question is how much of this is already reflected in the price and how much re-rates the oil & energy peer set alongside it.
Why it matters
- Sustained FII or DII direction moves the whole market, not just the names being bought — it sets the tape's tone.
- Listing activity is a read on risk appetite — a hot primary market usually means a confident secondary one.
Market context
- The company directly in focus is RELIANCE.
- Sector exposure: Oil & Energy.
In this story
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