New Delhi, Jan. 28 -- For four years now, January on Dalal Street has followed a predictable beat. Since 2023, foreign portfolio investors (FPIs) have used the pre-Budget weeks to retreat, seeking safety elsewhere. This year is no different.

FPIs have been on a selling spree since November, with sharp outflows of over Rs.36,000 crore so far in 2026 against Rs.78,027 crore a year ago.

The trend shows these overseas investors pivoted to selling after two months of sustained buying. The pattern seen first in 2023 repeated in 2024 with FPIs offloading shares in January despite previous inflows. In 2025, the trend intensified with FPIs offloading equities for three consecutive months between January and March.

In contrast, domestic institut...