Despite mixed action for India’s pulse index, trends for foreign and domestic flows have been largely positive. While foreign institutional investors (FIIs) turned net buyers 60% of the time and put money on the table during the same period, domestic institutional investors (DIIs) did even better, pumping money seven times in the last ten November.
The 50-stock index closed higher in 2018, 2019, 2020, 2019, 2020, 2022 and 2023, while in 2015, 2016, 2017, 2021 and 2024 it closed with cuts of 1.62%, 4.65%, 1.05%, 3.90 and 0.31% respectively.
The strongest increase of 11.4% was observed in 2020 and is followed by a rise of 5.52% in 2023. Nifty gained 4.72% and 4.14% in 2018 and 2022. In 2019, the benchmark index grew 1.5% month-on-month in November.
FII/DII given
Foreign and domestic institutional investors have in many cases exhibited contradictory behavior when it comes to November market flows over the past decade. Data from the past decade shows that financial institutions have been net buyers in six out of 10 Novembers, with inflows peaking at Rs 60,358 crore in 2020 – a period marked by a post-Covid global liquidity boom. In contrast, they pulled back Rs 21,612 crore in 2024, the sharpest outflow since 2016, reflecting global risk aversion and a stronger dollar environment. DIIs, on the other hand, have emerged as consistent market stabilizers, recording net inflows in seven of the past ten Novembers. Their strongest buying came in 2024, with investments of ₹44,484 crore even as FIIs were heading for exit. DII’s only notable period of withdrawals occurred between 2019 and 2020, coinciding with the upswing in FII buying. The divergent trend underlines the increasing financialization of domestic savings and the growing influence of mutual funds, insurance companies and pension funds in Indian equity markets. With retail SIP inflows hitting record highs, domestic institutions have become an important counterweight to global fund movements, ensuring stability amid shifting foreign sentiment.
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Useful forecasts for November 2025
Nifty met October’s positive seasonality and rose over 1,260 points or 5% on October 30, 2025. It will end this month on a positive note.
Sudeep Shah – Vice President & Head of Technical and Derivative Research Desk at SBI Securities commends the market resilience of the October series and expects more fireworks in the November series based on the rollover data.
This strong performance underlines the prevailing bullish sentiment in the market, with the index trading near record levels, Shah said. He emphasized that all major moving averages, including short- and long-term trends, are positively aligned, reinforcing the strength of the ongoing uptrend. Momentum-based indicators also reflect this optimism and indicate continued buying interest, he added.
However, an Axis Direct note indicates cautious near-term sentiment, a moderate rollover trend, and possibly a cautious undertone among traders regarding carry forwarding positions. “The Nifty rollover for October stood at 75.8%, down from 82.6% at last expiration and below the three-month (80.6%) and six-month (79.9%) averages, indicating cautious sentiment in the near term,” the broker said.
It estimates the likely range for the current expiration between 25,500 and 26,500, with 26,000 acting as the crucial level.
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(Data input from Ritesh Presswala)
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times.)
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