FIIs are back! Jefferies lists 11 stocks that can be the biggest beneficiaries
Reliance Industries is in focus.
· Economic Times Markets, ET Stocks
In November, foreign institutional investors unexpectedly shifted to become net buyers of Indian equities, indicating a noteworthy change in market dynamics. Jefferies has pinpointed 11 stocks poised to gain from this influx, including heavyweights like Reliance Industries, HDFC Bank, and Axis Bank, which previously faced notable outflows.
The analysis
Against that, the stock is -0.1% on the day at ₹1,334.10, and has returned +0.9% over three months. It sits 16% below its 52-week high. The oil & energy sector has moved -0.9% over the same period, so Reliance Industries is running 1.8 points ahead of 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 -0.1%, so the price barely moved, which suggests this was expected or is seen as immaterial.
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.
Market context
- The 3 companies named span 2 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 2 of 3 are higher: HDFC Bank leads at +0.6% and Reliance Industries trails at -0.1%.
- Over three months: Reliance Industries +0.9% against Oil & Energy -0.9% (1.8 points ahead); HDFC Bank +10.6% against Banks +2.5% (8.1 points ahead); Axis Bank +8.7% against Banks +2.5% (6.2 points ahead).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Reliance IndustriesRELIANCE · Oil & Energy | ₹1,334.10 | -0.1% | +14.1% | +0.9% | -16.2% | 0.5× | — |
| HDFC BankHDFCBANK · Banks | ₹811.20 | +0.6% | +14.1% | +10.6% | -19.6% | 0.8× | — |
| Axis BankAXISBANK · Banks | ₹1,342.50 | +0.5% | +6.1% | +8.7% | -4.3% | 0.9× | — |
Oil & Energy
1M +5.7% · 3M -0.9%
Reliance Industries
Banks
1M +6.3% · 3M +2.5%
HDFC Bank, Axis Bank
Prices as of 12 Nov 2026, 14:37 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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