{"id":318563,"date":"2026-10-21T10:19:30","date_gmt":"2026-10-21T04:49:30","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=318563"},"modified":"2026-10-21T10:19:30","modified_gmt":"2026-10-21T04:49:30","slug":"expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/","title":{"rendered":"Expert View: Developed Markets Now Offer Higher Growth and Higher ROE, Says Waterfield Advisors MD, as FPI Outflows From India Persist"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>FPI outflows from India reached Rs 52,100 crore in Oct 2026 up to about 18 Oct, taking the 2026 total to Rs 3.12 lakh crore, nearly double the Rs 1.66 lakh crore sold in 2025. Riddhiman Jain, MD of Waterfield Advisors, says developed markets now offer stronger growth and returns, drawing foreign money away from India. I could only read the summary line of his interview and not the full text, so the article attributes only that summary to him.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">FPI outflows from India have been heavy in 2026, with Rs 52,100 crore sold in October so far and Rs 3.12 lakh crore for the year, after 15 straight sessions of selling that ended on 16 Oct. Riddhiman Jain of Waterfield Advisors says developed markets now offer higher growth and a higher return on equity, which pulls foreign investors away from India. He expects markets to stay volatile and uneven until the inflation effect of oil becomes clearer in the coming quarters, and he favours nimble stock-picking over broad bets. Domestic institutions have bought more than Rs 5 lakh crore in 2026, which has cushioned the market, and the Nifty was near 22,990 on 21 Oct.<\/p>\n<\/p><\/div>\n<p>Persistent FPI outflows from India matter for the rupee, for index heavyweights and for sentiment. The rupee was around 94.8 to 94.9 per dollar on 21 Oct, and Brent crude was near $110 a barrel.<\/p>\n<p>This guide covers the flow data, the reasons cited, what higher ROE means, where foreign money is moving, how domestic buyers have helped and what to watch. It is educational and not a recommendation to buy or sell any share.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#FPI_Outflows_From_India_The_Numbers\" title=\"FPI Outflows From India: The Numbers\">FPI Outflows From India: The Numbers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Why_FPI_Outflows_From_India_Are_Rising_The_Reasons_Cited\" title=\"Why FPI Outflows From India Are Rising: The Reasons Cited\">Why FPI Outflows From India Are Rising: The Reasons Cited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#What_Waterfield_Advisors_Riddhiman_Jain_Says\" title=\"What Waterfield Advisors&#8217; Riddhiman Jain Says\">What Waterfield Advisors&#8217; Riddhiman Jain Says<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#What_Higher_ROE_Means_for_FPI_Outflows_From_India\" title=\"What Higher ROE Means for FPI Outflows From India\">What Higher ROE Means for FPI Outflows From India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Domestic_Buyers_Against_FPI_Outflows_From_India\" title=\"Domestic Buyers Against FPI Outflows From India\">Domestic Buyers Against FPI Outflows From India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#What_to_Watch_Next_on_FPI_Outflows_From_India\" title=\"What to Watch Next on FPI Outflows From India\">What to Watch Next on FPI Outflows From India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#How_much_have_FPI_outflows_from_India_been_in_2026\" title=\"How much have FPI outflows from India been in 2026?\">How much have FPI outflows from India been in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Did_FPI_outflows_from_India_stop_in_October\" title=\"Did FPI outflows from India stop in October?\">Did FPI outflows from India stop in October?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#What_did_Waterfield_Advisors_MD_say_about_developed_markets_and_FPI_outflows_from_India\" title=\"What did Waterfield Advisors&#8217; MD say about developed markets and FPI outflows from India?\">What did Waterfield Advisors&#8217; MD say about developed markets and FPI outflows from India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Why_are_FPI_outflows_from_India_happening\" title=\"Why are FPI outflows from India happening?\">Why are FPI outflows from India happening?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#What_does_higher_ROE_mean_for_FPI_outflows_from_India\" title=\"What does higher ROE mean for FPI outflows from India?\">What does higher ROE mean for FPI outflows from India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Who_has_been_buying_while_FPI_outflows_from_India_continue\" title=\"Who has been buying while FPI outflows from India continue?\">Who has been buying while FPI outflows from India continue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#What_should_investors_watch_next_on_FPI_outflows_from_India\" title=\"What should investors watch next on FPI outflows from India?\">What should investors watch next on FPI outflows from India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says-waterfield-advisors-md\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FPI_Outflows_From_India_The_Numbers\"><\/span><strong>FPI Outflows From India: The Numbers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Period<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Net foreign portfolio flow<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">July 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net buying of Rs 20,200 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">August 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net buying of Rs 29,631 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">September 2026<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net selling of Rs 35,861 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">October 2026 (to about 18 Oct)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net selling of Rs 52,100 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2026 year to date<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net selling of Rs 3.12 lakh crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2025 full year<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net selling of Rs 1.66 lakh crore<\/td>\n<\/tr>\n<\/table>\n<p>The figures come from CDSL data as reported on 18 Oct. Adding July to October gives net selling of about Rs 38,000 crore over the four months (my calculation), so the recent FPI outflows from India have more than erased the summer buying. Foreign investors turned net buyers on 16 Oct, ending a streak of 15 sessions of selling, but the data were provisional and one day of buying does not end the FPI outflows from India.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Track FPI-sensitive stocks on the Univest Screener<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_FPI_Outflows_From_India_Are_Rising_The_Reasons_Cited\"><\/span><strong>Why FPI Outflows From India Are Rising: The Reasons Cited<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Reason<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Crude oil<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Brent was near $110 a barrel on 21 Oct, close to a five-month high<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">US yields and dollar<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Elevated US bond yields and a stronger dollar reduce appetite for emerging markets<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">US inflation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Persistent inflation has raised expectations of another US Federal Reserve rate hike<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">North Asian rally<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">An AI-led rally in North Asian markets draws money away from India<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sector rotation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Selling in financial services and oil-related stocks; buying in consumer services, digital platforms, entertainment, restaurants and healthcare services<\/td>\n<\/tr>\n<\/table>\n<p>The same factors behind the FPI outflows from India show up in the overnight moves. South Korea&#8217;s Kospi fell 3.73% and Japan&#8217;s Nikkei 225 fell 1.30% on the latest session, according to one pre-market report, which shows that the North Asian rally is also volatile.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get price alerts on FPI-sensitive stocks.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Waterfield_Advisors_Riddhiman_Jain_Says\"><\/span><strong>What Waterfield Advisors&#8217; Riddhiman Jain Says<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Point<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Summary of the interview as published<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Growth and returns<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Developed markets currently offer stronger growth and returns<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Effect on India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">That is drawing foreign investment away from India<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Oil and inflation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">The inflation impact of oil is likely to be clearer in the coming quarters<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market outlook<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">He expects volatile and uneven markets<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Approach<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">He favours nimble stock-picking<\/td>\n<\/tr>\n<\/table>\n<p>These points are from the standfirst of the interview and the headline, and I did not have access to the full text, so I cannot report his figures, sector calls or time frames. Jain is Managing Director and Head of Investment Strategy and Solutions at Waterfield Advisors, according to the firm&#8217;s announcement. He links FPI outflows from India to the pull of developed markets.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Higher_ROE_Means_for_FPI_Outflows_From_India\"><\/span><strong>What Higher ROE Means for FPI Outflows From India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Return on equity, or ROE, is net profit divided by shareholders&#8217; equity, and it measures how much profit a company earns on the money its owners have invested. When a developed market offers both higher growth and higher ROE, foreign funds have a reason to shift allocation, which is how developed-market returns can feed FPI outflows from India. The headline does not give the ROE numbers, and I did not find an independent comparison, so I cannot confirm the gap.<\/p>\n<p><strong>Risk:<\/strong> A comparison of ROE across markets depends on the sector mix and the period, and a single quarter of flows does not prove a long-term shift in allocation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Domestic_Buyers_Against_FPI_Outflows_From_India\"><\/span><strong>Domestic Buyers Against FPI Outflows From India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Latest figure<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Domestic institutional net buying in 2026 against FPI outflows from India<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">More than Rs 5 lakh crore, the third year in a row above that level<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nifty 50 at 10:07 AM IST on 21 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 22,988, up about 0.4% from 22,888.95<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sensex at 10:07 AM IST on 21 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 74,241, up about 0.5% from 73,852.90<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nifty range, 13 Oct to 21 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 22,288 to 23,175<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rupee<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 94.8 to 94.9 per dollar<\/td>\n<\/tr>\n<\/table>\n<p>Steady domestic buying has limited the damage from FPI outflows from India, and the Nifty has moved within a range of roughly 900 points over the last six sessions (my calculation). That supports the view of Jain that markets will be uneven and that picking individual stocks may matter more than owning the broad market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_on_FPI_Outflows_From_India\"><\/span><strong>What to Watch Next on FPI Outflows From India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Daily provisional data on FPI outflows from India after the 16 Oct return to net buying, to see if it lasts<\/li>\n<li>Brent crude near $110 and any further rise in US bond yields or the dollar<\/li>\n<li>The Federal Reserve rate path and US inflation data<\/li>\n<li>Whether the North Asian rally cools, since it competes for the same foreign money<\/li>\n<li>Domestic institutional buying and the Nifty support near 22,800 and resistance near 23,000 to 23,200<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>FPI outflows from India have reached Rs 3.12 lakh crore in 2026, and Waterfield Advisors&#8217; Riddhiman Jain says developed markets offer higher growth and ROE, which keeps foreign money cautious. Domestic buyers have cushioned the market, but the next few quarters of oil and inflation data may decide whether flows return. Check flow data and valuations before acting on any single view.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"How_much_have_FPI_outflows_from_India_been_in_2026\"><\/span><strong>How much have FPI outflows from India been in 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Foreign portfolio investors have sold Rs 3.12 lakh crore of Indian equities in 2026 so far, nearly double the Rs 1.66 lakh crore sold in 2025. In October alone they sold Rs 52,100 crore up to about 18 Oct.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Did_FPI_outflows_from_India_stop_in_October\"><\/span><strong>Did FPI outflows from India stop in October?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Provisional data show foreign investors turned net buyers on 16 Oct, ending a 15-session selling streak. One day of buying does not confirm a change in trend, so watch the daily data.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_did_Waterfield_Advisors_MD_say_about_developed_markets_and_FPI_outflows_from_India\"><\/span><strong>What did Waterfield Advisors&#8217; MD say about developed markets and FPI outflows from India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Riddhiman Jain says developed markets currently offer stronger growth and higher ROE, which is drawing foreign investment away from India. He expects uneven, volatile markets and favours nimble stock-picking.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_are_FPI_outflows_from_India_happening\"><\/span><strong>Why are FPI outflows from India happening?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Reasons cited include higher crude oil, elevated US yields, a stronger dollar, persistent US inflation that raises expectations of a Fed rate hike, and an AI-led rally in North Asian markets. FPIs also rotated out of financials and oil-related stocks.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_higher_ROE_mean_for_FPI_outflows_from_India\"><\/span><strong>What does higher ROE mean for FPI outflows from India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> ROE is the profit a company earns on shareholders&#8217; equity, so a higher ROE means more profit for each rupee of capital. Foreign funds compare ROE and growth across markets when they allocate money.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_has_been_buying_while_FPI_outflows_from_India_continue\"><\/span><strong>Who has been buying while FPI outflows from India continue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Domestic institutions have bought more than Rs 5 lakh crore in 2026, the third straight calendar year above that level. Their buying has cushioned the fall in the market.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_should_investors_watch_next_on_FPI_outflows_from_India\"><\/span><strong>What should investors watch next on FPI outflows from India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Watch daily FPI flows, Brent crude near $110, US yields, the Fed path and the rupee near 94.8 to 94.9. Also check whether the Nifty holds support near 22,800.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How much have FPI outflows from India been in 2026?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Foreign portfolio investors have sold Rs 3.12 lakh crore of Indian equities in 2026 so far, nearly double the Rs 1.66 lakh crore sold in 2025. In October alone they sold Rs 52,100 crore up to about 18 Oct.\"}},{\"@type\":\"Question\",\"name\":\"Did FPI outflows from India stop in October?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Provisional data show foreign investors turned net buyers on 16 Oct, ending a 15-session selling streak. One day of buying does not confirm a change in trend, so watch the daily data.\"}},{\"@type\":\"Question\",\"name\":\"What did Waterfield Advisors' MD say about developed markets and FPI outflows from India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Riddhiman Jain says developed markets currently offer stronger growth and higher ROE, which is drawing foreign investment away from India. He expects uneven, volatile markets and favours nimble stock-picking.\"}},{\"@type\":\"Question\",\"name\":\"Why are FPI outflows from India happening?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Reasons cited include higher crude oil, elevated US yields, a stronger dollar, persistent US inflation that raises expectations of a Fed rate hike, and an AI-led rally in North Asian markets. FPIs also rotated out of financials and oil-related stocks.\"}},{\"@type\":\"Question\",\"name\":\"What does higher ROE mean for FPI outflows from India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"ROE is the profit a company earns on shareholders' equity, so a higher ROE means more profit for each rupee of capital. Foreign funds compare ROE and growth across markets when they allocate money.\"}},{\"@type\":\"Question\",\"name\":\"Who has been buying while FPI outflows from India continue?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Domestic institutions have bought more than Rs 5 lakh crore in 2026, the third straight calendar year above that level. Their buying has cushioned the fall in the market.\"}},{\"@type\":\"Question\",\"name\":\"What should investors watch next on FPI outflows from India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Watch daily FPI flows, Brent crude near $110, US yields, the Fed path and the rupee near 94.8 to 94.9. Also check whether the Nifty holds support near 22,800.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>FPI outflows from India hit Rs 52,100 crore in October and Rs 3.12 lakh crore in 2026. See what Waterfield&#8217;s Riddhiman Jain says about developed markets, ROE and stock-picking.<\/p>\n","protected":false},"author":29,"featured_media":318562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[13662,8804,5420,13659,6565,13661,13660],"class_list":["post-318563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-developed-markets","tag-foreign-investors-india","tag-fpi-outflows","tag-fpi-outflows-from-india","tag-indian-stock-market-outlook","tag-riddhiman-jain","tag-waterfield-advisors"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["318562"],"rank_math_title":["FPI Outflows From India: Developed Markets Lure Investors"],"rank_math_description":["FPI outflows from India hit Rs 52,100 crore in Oct, Rs 3.12 lakh crore in 2026. Waterfield's Riddhiman Jain says developed markets offer higher ROE. See data and risks."],"rank_math_focus_keyword":["FPI outflows from India"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/expert-view-developed-markets-now-offer-higher-growth-and-higher-roe-says.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/318563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=318563"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/318563\/revisions"}],"predecessor-version":[{"id":318564,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/318563\/revisions\/318564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/318562"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=318563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=318563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=318563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}