Sensex, Nifty Snap Six-Session Rally with Profit Booking During Muhurat Trading and Monday's Open
Indian markets witnessed a pause after a sharp rally, with investors now looking ahead to upcoming inflation data and global cues.
The story
Indian benchmark equity indices concluded their six-session winning streak, experiencing profit booking during the special Muhurat Trading session on Sunday, November 8, and continuing into Monday's early trade. On November 8, the Sensex declined nearly 29 points to settle at 80,999, while the Nifty 50 fell 44 points to close at 24,986. This marked the first time in nine years that the benchmark indices closed in the red during the auspicious Diwali trading session.
On Monday, November 9, equities opened higher but quickly reversed early gains due to selling pressure, with the Nifty 50 slipping below the 25,000 mark and the Sensex declining around 0.29% in early trading. Foreign Institutional Investors (FIIs) were net sellers of ₹0.25 crore, and Domestic Institutional Investors (DIIs) were net sellers of ₹700.31 crore during the Muhurat Trading session. This shift in sentiment follows a period of strong FII inflows in the preceding week, which had fueled the earlier rally. Global signals, including stronger-than-expected US employment data, are reinforcing expectations of a December US Federal Reserve rate increase, adding to market caution.
The tape
| Instrument | Last | Change |
|---|---|---|
| Nifty 50 | 24,986.40 | -43.95 (-0.18%) |
| Sensex | 80,999.40 | -28.62 (-0.04%) |
| Bank Nifty | 59,142.40 | +0.50% |
| USD/INR | 93.90 | Unchanged |
| India VIX | 17.41 | -1.02 (-5.53%) |
Flows & data
| Item | Reading | Read |
|---|---|---|
| FII Net Flows | -₹0.25 crore (Nov 8, 2026) | Foreign Institutional Investors were marginal net sellers during Muhurat Trading. |
| DII Net Flows | -₹700.31 crore (Nov 8, 2026) | Domestic Institutional Investors recorded net selling during Muhurat Trading. |
IPOs & the primary market
In the primary market, Hindustan Coca-Cola Holdings (HCCH), the Indian bottling business of The Coca-Cola Company, and Amber Enterprises arm IL JIN Electronics (India) Ltd have filed their draft red herring prospectuses (DRHPs) with SEBI on November 9, 2026, to raise funds through initial public offerings. Their shares are slated for listing on both the National Stock Exchange (NSE) and the BSE.
Valuation watch — India & global
Globally, investors continue to scrutinize valuations, with questions raised on Anthropic's proposed $1.5-trillion valuation ahead of its planned IPO. Investors are seeking more attractive pricing and clarity on revenue growth, losses, and the timeline for its investor roadshow.
This reflects a broader trend of increased caution in the primary market, where the average price-to-earnings (P/E) multiple of companies listed in India in 2026 has already seen a significant decline from the previous year. While specific new data on India's overall PE multiple since the last edition was not available, the global focus on sustainable growth and profitability over high premiums remains a key theme.
What we'll be watching
- India's October retail inflation data will be released on November 12.
- The Reserve Bank of India (RBI) will release foreign exchange reserves data for the week ended November 6 on November 13.
- Deposit growth data will also be released on November 13.
- Investors will monitor US consumer and producer inflation figures expected this week.
- A new round of India-US earnings reports is anticipated.
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