India’s Nifty 50 and Sensex finished Nov. 2 below their Nov. 1, 2024, closes, even as annual nominal GDP rose 8.9% in fiscal 2025-26, a divergence WealthEnrich founder Advait Arora called a market pause.
The Nifty 50 ended at 23,440.80 on Nov. 2, down from 24,304.35 on Nov. 1, 2024, a 3.6% drop. The Sensex closed at 75,692.78, compared with 79,724.12 on the earlier date, a 5.1% decline. Historical data from NSE Indices and the BSE index archive provide the closes used for those calculations.
The dates are roughly two years apart, with the later close one day past the anniversary. National Stock Exchange of India (NSE) capital-market circular NSE/CMTR/64628 confirms Nov. 1, 2024, was a special Muhurat trading session, making it an unusual starting point for the comparison.
India’s Ministry of Statistics and Programme Implementation put nominal GDP at ₹346.36 lakh crore in fiscal 2025-26, up from ₹318.07 lakh crore in fiscal 2024-25. The provisional estimate represents annual growth of 8.9%. That one-year GDP comparison covers a different period from the index calculation, which compares closing levels more than two years apart.
In a Nov. 2 post on X, Arora described the market as a consolidation period rather than a sharp fall. “Right now it looks more a pause in time than a big price drop,” he wrote. He said similar sideways periods had occurred six or seven times since 2000, but did not identify the periods.
Arora also said recent Nifty earnings grew 15% to 16% and that small- and mid-cap earnings increased faster. His post did not specify the periods or calculation methods for those figures. He further claimed mutual funds had outperformed the broader market, without naming funds or benchmarks.
