Indian stock markets opened the first trading session of November on a flat note, continuing their consolidation phase.
The Nifty 50 index opened at 25,696.85, down by 25.25 points or 0.10 per cent, while the BSE Sensex began at 83,835.10, slipping 103.61 points or 0.12 per cent.
Market experts said promoters are capitalising on high valuations to monetise holdings, as the month witnesses a strong pipeline of initial public offerings (IPOs).
Banking and market expert Ajay Bagga said Indian markets are currently seeing promoters, private equity funds, and foreign portfolio investors encashing their holdings, while domestic retail flows through mutual funds and insurance are providing liquidity. He noted that the Indian market has seen 13 months of underperformance, adding that a phase of outperformance could follow if global conditions remain stable.
Bagga also said that progress on the India-US trade deal and the upcoming Bihar elections may influence market sentiment. He highlighted that strong foreign inflows of over ₹10,000 crore on the expiry day were offset by similar outflows in the following three days, leading to subdued momentum.
He further pointed out that market recovery could strengthen once three key factors align — earnings growth, a stable rupee, and progress on the Indo-US trade framework.
November is expected to be another active month for the primary market, with IPOs lined up to raise over ₹70,000 crore. Despite valuation concerns, the Lenskart IPO saw full subscription in the retail segment on the first day of bidding, led by strong institutional participation.
In the broader market, the Nifty 100 index opened marginally lower by 0.04 per cent, while the Nifty Midcap 100 and Smallcap 100 indices gained 0.10 per cent each. Among sectoral indices, Nifty Auto rose 0.15 per cent, while IT, FMCG, and Media opened lower. Nifty PSU Bank led early gains, rising 0.62 per cent.
SEBI-registered analyst Sunil Gurjar said the Nifty 50’s flat performance over recent weeks signals consolidation after a strong uptrend. He noted that a breakout above the 25,265 level could indicate a continuation of the rally and a new all-time high.
Key earnings scheduled for release today include 3M India, Ambuja Cements, Bharti Airtel, Power Grid Corporation, Tata Consumer Products, Titan Company, and others.
In Asian markets, Hong Kong’s Hang Seng index rose 0.48 per cent, and South Korea’s KOSPI gained over 2 per cent, while markets in Singapore and Japan remained closed for a holiday.
-ANI