--- title: "在大量外国投资组合投资（FPI）从股票市场流出的背景下，债务市场在 2026 财年吸引了资金流入" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/279446930.md" description: "印度的外资投资（FPI）在本财年出现了分化，股票市场因地缘政治紧张局势出现了 1.37 万亿卢比的净流出，而债券市场则吸引了 13964 亿卢比的流入，主要受到追求收益的投资者的推动。尽管利率下调了 100 个基点，但 10 年期国债的收益率却上升了 14 个基点。然而，流入速度放缓，显示出投资者信心不足，对彭博指数纳入的重大被动流入的预期也有所减弱，预计将在 2026 年中期发布更新" datetime: "2026-03-17T05:59:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279446930.md) - [en](https://longbridge.com/en/news/279446930.md) - [zh-HK](https://longbridge.com/zh-HK/news/279446930.md) --- # 在大量外国投资组合投资（FPI）从股票市场流出的背景下，债务市场在 2026 财年吸引了资金流入 Foreign portfolio investment (FPI) flows into Indian markets have remained divergent in the current financial year, with equities facing sustained selling pressure even as the debt segment has managed to retain modest inflows. So far in the current financial year, foreign investors have pulled out a net Rs 1.37 trillion from equities, reflecting risk aversion amid geopolitical tensions and increased volatility in emerging market currencies. On the other hand, the debt segment witnessed a net inflow of Rs 13,964 crore in the same period, supported by relatively attractive domestic yields despite the Reserve Bank of India’s rate easing cycle, coupled with rupee weakness. Market participants said the resilience in debt flows during the financial year was largely driven by yield-seeking investors and passive allocations on hopes of India’s inclusion in the Bloomberg Global Index. Supply pressures have also kept yields elevated, making Indian debt relatively appealing on a risk-adjusted basis. However, the scale of inflows remained limited. “There are still investors looking at India from a yield play perspective, which is why some money is coming in. But the quantum is not significant,” said the treasury head at a private bank. The yield on the benchmark 10-year government bond rose by 14 basis points in the current financial year, despite a cumulative 100 basis points rate cut by the domestic rate-setting panel. However, the momentum has weakened in March, with net inflows appearing largely flat. This suggests a lack of strong conviction among foreign investors at current levels, said market participants. In March, FPIs net bought Rs 742 crore worth of domestic debt. “The sell-off in the current month has not been India-specific; FPIs tend to reduce exposure across EMs at the same time, and India, despite being a key beneficiary earlier, has also seen some impact,” a market participant said. While the pace of outflows may moderate going ahead, a sharp revival in inflows appears unlikely in the near term. On the prospects of further passive inflows, particularly from Bloomberg bond index inclusion, market participants said expectations have been tempered. “June is unlikely, and given the conditions flagged earlier, it may be difficult to meet the requirements this year unless there are meaningful changes,” said a market participant. In January, Bloomberg Index Services said it has postponed the inclusion of Indian bonds in its Global Aggregate Index, citing the need for further assessment of operational and market infrastructure issues. It said an update will be provided in mid-2026. When JPMorgan had announced in September 2023 that Indian bonds would be phased into the index starting June 28, 2024, and reaching the full 10 per cent weighting by March 31, 2025, at 1 per cent per month, analysts predicted passive inflows of $20 billion–$25 billion, with bullish scenarios extending up to $30 billion when including active repositioning. Much of the inflow occurred in the months leading up to the actual inclusion between September 2023 and June 2024, net inflows stood at approximately Rs 92,302 crore. This indicated significant front-loading by investors who anticipated the move and adjusted their portfolios ahead of schedule. ### 相关股票 - [IMVP.US](https://longbridge.com/zh-CN/quote/IMVP.US.md) - [DGIN.US](https://longbridge.com/zh-CN/quote/DGIN.US.md) - [PIN.US](https://longbridge.com/zh-CN/quote/PIN.US.md) - [EPI.US](https://longbridge.com/zh-CN/quote/EPI.US.md) - [NDIA.AU](https://longbridge.com/zh-CN/quote/NDIA.AU.md) - [INDA.US](https://longbridge.com/zh-CN/quote/INDA.US.md) - [GLIN.US](https://longbridge.com/zh-CN/quote/GLIN.US.md) - [IND.US](https://longbridge.com/zh-CN/quote/IND.US.md) ## 相关资讯与研究 - [知情人士：印度考虑下调外资债券投资相关税负](https://longbridge.com/zh-CN/news/286385065.md) - [人工智能冲击高薪 IT 岗位，印度经济增长隐忧凸显](https://longbridge.com/zh-CN/news/284878909.md) - [CBRE 报告称，印度以最高的房地产收益率在亚太地区中领先同行](https://longbridge.com/zh-CN/news/287191701.md) - [印度 4 月通胀连续第六个月攀升，但低于市场预期](https://longbridge.com/zh-CN/news/286093711.md) - [印度储备银行的干预措施使卢比显著升值](https://longbridge.com/zh-CN/news/287152332.md)