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Mumbai (Maharashtra) [India], November 3 (ANI): Indian stock markets began 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 started at 83,835.10, slipping by 103.61 points or 0.12 per cent. Also Read | Shein Accused of Selling 'Childlike Sex Dolls' on Website in France, Removes Product After DGCCRF Reports Chinese Retailer to Prosecutors Ahead of Paris Store Launch. Experts said the markets are witnessing a strong month for initial public offerings (IPOs) as promoters are taking advantage of high valuations to encash their holdings. Ajay Bagga, Banking and Market Expert, told ANI that "Indian markets are seeing promoters, PE funds, and FPIs encashing their holdings while Indian retail flows, via mutual funds and insurance routes, are giving an easy exit to all of them." Also Read | Jogi Ramesh Arrest: Former Andhra Pradesh Minister and YSRCP Leader Sent to Judicial Custody Till November 13 in Spurious Liquor Case. He added that the Indian market has completed 13 months of strong underperformance, and history suggests a phase of outperformance could follow, provided there is no major global crisis. Bagga also mentioned that the India-US trade deal appears to be a few weeks away, and the upcoming Bihar elections could influence market sentiment, as the regional party in Bihar plays a key role in maintaining the federal coalition government's majority. He noted that the strong net inflows of over Rs 10,000 crore by FPIs on the expiry day were offset by more than Rs 10,000 crore outflows from the secondary equity markets in the following three days, leading to weak market momentum. The market trend may reverse when three factors align, earnings growth recovery, stable rupee levels, and progress on the Indo-US trade framework. November is expected to be another busy month for the primary market, with IPOs lined up to raise over Rs 70,000 crore. Despite questions raised on the valuation of Lenskart IPO, it was fully subscribed in the retail segment on the first day of bidding. The bids were led by institutional investors (41 per cent), retail investors (1.31x), QIBS (1.42x). 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 on NSE, a mixed trend was seen. Nifty Auto rose 0.15 per cent, while Nifty IT, FMCG, and Media opened in red. Nifty PSU Bank led the gains, rising 0.62 per cent in early trade. Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, said, "The Nifty 50 has remained flat for consecutive weeks after a strong uptrend, indicating a consolidation phase. The price is currently near the resistance level of 25,265, and a breakout above this level would signal continuation of the uptrend and a potential new all-time high." Key results due today include 3M India, ACME Solar Holdings, Ambuja Cements, AWL Agri Business, Bharti Airtel, Max Estates, Power Grid Corporation of India, Tata Consumer Products, TBO TEK, and Titan Company. In other Asian markets, Hong Kong's Hang Seng index rose 0.48 per cent, while South Korea's KOSPI gained over 2 per cent. Markets in Singapore and Japan remained closed for a holiday. (ANI) (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
