MUMBAI: 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.

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, said, “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”.

He added that the Indian market has completed 13 months of strong underperformance, and history su

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