--- title: "在大量外國投資組合投資（FPI）從股票市場流出的背景下，債務市場在 2026 財年吸引了資金流入" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/279446930.md" description: "印度的外資投資（FPI）在本財年出現了分化，股票市場因地緣政治緊張局勢出現了 1.37 萬億盧比的淨流出，而債券市場則吸引了 13964 億盧比的流入，主要受到追求收益的投資者的推動。儘管利率下調了 100 個基點，但 10 年期國債的收益率卻上升了 14 個基點。然而，流入速度放緩，顯示出投資者信心不足，對彭博指數納入的重大被動流入的預期也有所減弱，預計將在 2026 年中期發佈更新" 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) --- # 在大量外國投資組合投資（FPI）從股票市場流出的背景下，債務市場在 2026 財年吸引了資金流入 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. ### 相關股票 - [IMVP.US](https://longbridge.com/zh-HK/quote/IMVP.US.md) - [DGIN.US](https://longbridge.com/zh-HK/quote/DGIN.US.md) - [PIN.US](https://longbridge.com/zh-HK/quote/PIN.US.md) - [EPI.US](https://longbridge.com/zh-HK/quote/EPI.US.md) - [NDIA.AU](https://longbridge.com/zh-HK/quote/NDIA.AU.md) - [INDA.US](https://longbridge.com/zh-HK/quote/INDA.US.md) - [GLIN.US](https://longbridge.com/zh-HK/quote/GLIN.US.md) - [IND.US](https://longbridge.com/zh-HK/quote/IND.US.md) ## 相關資訊與研究 - [印度為穩定盧比匯率絞儘腦汁 據悉在討論加息、發美元債等多種方案](https://longbridge.com/zh-HK/news/287178035.md) - [知情人士：印度考慮下調外資債券投資相關税負](https://longbridge.com/zh-HK/news/286385065.md) - [中東戰火印度能源短缺 電磁爐 10 天熱銷 40 萬台](https://longbridge.com/zh-HK/news/280283881.md) - [CBRE 報告稱，印度以最高的房地產收益率在亞太地區中領先同行](https://longbridge.com/zh-HK/news/287191701.md) - [印度儲備銀行的干預措施使盧比顯著升值](https://longbridge.com/zh-HK/news/287152332.md)