Nifty, Sensex open flat amid ongoing consolidation phase; IPO rush continues with Rs 70000 cr to be raised this month

Indian stock markets began the first trading session of November on a flat note continuing their consolidation phaseThe Nifty 50 index opened at 2569685 down by 2525 points or 010 per cent while the BSE Sensex started at 8383510 slipping by 10361 points or 012 per centExperts said the markets are witnessing a strong month for initial public offerings IPOs as promoters are taking advantage of high valuations to encash their holdingsAjay 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 themHe 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 crisisBagga also mentioned that the IndiaUS 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 governments majorityHe noted that the strong net inflows of over Rs 10000 crore by FPIs on the expiry day were offset by more than Rs 10000 crore outflows from the secondary equity markets in the following three days leading to weak market momentumThe market trend may reverse when three factors align earnings growth recovery stable rupee levels and progress on the IndoUS trade frameworkNovember is expected to be another busy month for the primary market with IPOs lined up to raise over Rs 70000 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 131x QIBS 142xIn the broader market the Nifty 100 index opened marginally lower by 004 per cent while the Nifty Midcap 100 and Smallcap 100 indices gained 010 per cent eachAmong sectoral indices on NSE a mixed trend was seen Nifty Auto rose 015 per cent while Nifty IT FMCG and Media opened in red Nifty PSU Bank led the gains rising 062 per cent in early tradeSunil Gurjar SEBIregistered 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 25265 and a breakout above this level would signal continuation of the uptrend and a potential new alltime highKey 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 CompanyIn other Asian markets Hong Kongs Hang Seng index rose 048 per cent while South Koreas KOSPI gained over 2 per cent Markets in Singapore and Japan remained closed for a holidayThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever