First of all, we need to understand what this small hole is. I am assuming this is a poured concreted foundation. Those holes, or dimples, are from tie-rods. When concrete is poured, it is poured between two pieces of wood. The wood doesn't just stand there through gravity. They are held together with metal rods. Once the concrete sets up, the metal is snapped off, which is why they are referred to as snap-ties or tie-rods.
Because they metal, they can rust. They rust because of the moist air and soil. When they rust they get smaller. With the water pressure, the water can leak into the basement, or in some cases squirt. Oftentimes, you'll see the rust line running down the foundation.
These have to be fixed. We have seen all kinds of contractor and homeowner attempts with sealants and hydraulic cement to fix this, they don't work.
The way to do this is to drill next to the tie-rod, put our port in, tighten up the port, and inject it with closed polymer resin which will encapsulate it and prevent leaking. Now you' ll have a tie-rod that is not going to leak, with a warranty.