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

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.

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.

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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.

Axis Bank also saw strong outflows worth $5 billion with its FII ownership falling by 13 points and relative FPI positioning falling 0.4 points. The stock, on which Jefferies has a ‘Buy’ call, has gained 8% in one week, 6% in a month and 5% in 2026 so far. In the longer term, Axis Bank shares have delivered positive returns of more than 30% in three years and 82% in five years.

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Kotak Mahindra Bank

Kotak Mahindra Bank is also among the three banks that Jefferies sees as the biggest beneficiaries of the rising FII flows. It has seen $3 billion outflows since September 2024, and its FPI positioning has fallen by 0.3 points. Jefferies has a ‘Buy’ call on the shares of the company which have gained around 6% in a week and 10% in a month. In the longer term, Kotak Mahindra Bank shares have gained 39% in three years and 18% in five years.

Agencies

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Other stocks

Other stocks listed out by Jefferies as the biggest beneficiaries to the rising FII flows include UltraTech Cement, Max Health, Varun Beverages, JSW Energy, DLF, The Indian Hotels Company (IHCL) and Sona BLW.