FIIs are back! Jefferies lists 11 stocks that can be the biggest beneficiaries

Résumé détaillé

In November, foreign institutional investors unexpectedly shifted to become net buyers of Indian equities, indicating a noteworthy change in market dynamics. Jefferies has…

After persistent selling, foreign investors have gone on a buying spree on Dalal Street, remaining net buyers of Indian equities everyday in November so far. Jefferies in its note highlighted that FPI flows have turned positive recently, with US $8.2 billion net inflows since mid-October. Potential AI trade reversal, any equity tax relief, resilient domestic macro, reasonable large-cap valuations and light positioning could sustain the flows, according to the international brokerage. It ran the three FPI ownership focused screens to identify 11 potential beneficiaries, which are as follows.

Also read | Jefferies sees largecaps benefiting from FPI revival; Reliance, HDFC Bank, Axis Bank among potential beneficiaries​

Reliance Industries (RIL) was among the stocks that saw the largest estimated outflows worth $8 billion over September 2024-September 2026. Jefferies has a ‘Buy’ call on the megacap stock which it believes will be one of the biggest beneficiaries of the rising FPI inflows. RIL shares have gained more than 2% in a week and over 14% in a month, but the stock is down over 15% in 2026 so far and 10% in one year. In the longer term, the shares of the company have delivered positive returns of 16% in three years and 5% in five years.

HDFC Bank along with RIL saw the biggest FPI outflows worth $8 billion in the two years till September 2026. HDFC Bank also saw the largest reduction in relative FPI positioning, with its relative weight falling 2.4 points to 1 point. The international brokerage has a ‘Buy’ call on the stock which has gained over 10% in one week and 15% in a month, but fell over 18% in 2026 so far. In the longer term, the shares of the company have gained around 9% in three years and 5% in five years.

Also read | HDFC Bank shares jump 22% from 52-week low in 10 days; analysts see private lender nearing an inflection point. Time to buy or wait?​

Axis Bank also saw strong outflows worth $5 billion with its FII ownership falling by 13 points and relative…

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