Nifty’s November seasonality mixed but domestic flows hold strength

Examining the past ten years of November returns for the Nifty 50 index reveals an even split between positive and negative outcomes, with an average gain of 1.6%. In 6 out of 10 Novembers, foreign institutional investors (FIIs) were net buyers while domestic institutional investors (DIIs) were buyers in 7 instances. For 2025, analysts expect DIIs to remain the key drivers of market stability and direction ahead of earnings, liquidity and global cues.