New Delhi, Dec. 31 -- Despite domestic equities becoming the worst-performing among emerging markets in 2025, foreign portfolio investors (FPIs) have continued to invest in India through its primary markets, and the trend is expected to persist next year.

Investment bankers and money managers have attributed this trend to FPIs' conviction in the country's long-term structural growth prospects, even as the cohorts tactically reduce their cash market exposure due to a range of factors, including softer US interest rates and a slowdown in earnings growth.

While FPIs have net sold a record Rs.2.34 trillion of cash or secondary market shares this calendar year, following steeper valuations compared to emerging market (EM) peers amid an earni...