BSEINDIA / Wikimedia Commons (CC BY-SA 3.0). Cropped.
Stock exchanges open for an hour of Muhurat trading on Sunday afternoon after the Sensex and Nifty posted their strongest week in nearly six years, powered by a sharp return of foreign investors.
The NSE and BSE Diwali session runs from 2:20 pm to 3:30 pm, with pre-open order entry from 2:05 pm.
In the week ended 6 November, the Nifty rose about 8.6% to close at 25,030.35 and the Sensex nearly 9% to 81,028.02. Foreign institutional investors bought a net ₹45,960 crore of Indian shares during the week, according to exchange data reported by The Economic Times, more than offsetting the ₹45,162 crore they pulled out in October. Their ₹14,975 crore purchase on 5 November was the largest single day inflow in more than a year.
Domestic institutions moved the other way. They sold a net ₹24,197 crore over the week, ending an 11 week buying streak as they booked profits after the rally.
Market strategists linked the turn to a sell-off in AI related stocks in the US and in markets such as South Korea, Taiwan and Japan, which made India, seen as having less exposure to that trade, look more attractive. V.K. Vijayakumar of Geojit Investments tied the shift to that sell-off and to the Democrats' wins in the US midterm elections. Lower crude oil prices also helped.
A single strong week does not show whether the money will stay. Crude prices, shipping risks around the Strait of Hormuz and the staying power of foreign buying remain the main concerns for traders when regular trading resumes on Monday.
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