Sector-wise, Nifty Auto rallied 1.24% after companies reported strong auto sales this festive season. Nifty Realty, Nifty Oil & Gas and Nifty PSU Bank were other top gainers.Mahindra & Mahindra, ONGC, Adani Ports, BEL and Tata Motors were the top gainers in the Nifty 50 pack. Shares of Mahindra & Mahindra (M&M) rose more than 3% on Nifty and Sensex as the SUV major continues to grow faster than the PV industry.The surge in the special session came even as India’s equity market continues to exhibit weakness, with the benchmarks – NSE Nifty and BSE Sensex – sliding about 9% in little over a month.The correction is mainly attributed to relentless selling by Foreign Portfolio Investors (FPIs). This category of investors sold about 1.17 lakh crore of shares in the cash market in October, which is the highest ever in a single month.Experts suggest FPIs are selling Indian stocks, seen as overvalued, in favour of cheaper Chinese stocks. Hong Kong’s Hang Seng is trading at 9.4 times forward earnings, while the Shanghai Composite Index trades at 12 times, compared to Nifty50’s 20.6 times.
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