Mumbai, India – Ashishkumar Chauhan, the Managing Director and CEO of the National Stock Exchange (NSE), has shared a message of cautious optimism for investors entering the new Samvat. Speaking on Muhurat trading day, November 8, 2026, Chauhan highlighted potential tailwinds for the Indian equity market after two years of subdued returns.
Hope for Improved Returns in New Samvat
Chauhan pointed to several factors that could drive better performance in the coming year. He noted a recent surge in Foreign Portfolio Investor (FPI) inflows, attributing it to a cooling of the AI rally in global markets like America, Korea, and Taiwan, which previously offered higher upsides. Additionally, declining oil prices are expected to ease pressure on India's balance of payments, further boosting investor sentiment.
“Last year hasn't been that great for the market. If the next year does well, and we have started seeing that in terms of oil prices coming down, in the last two weeks a huge amount of FII flow has started coming back because we don't see that kind of upside in AI stocks in America or in Korea or in Taiwan, and that is why you will see hopefully better returns coming out of India,” Chauhan stated.
He also mentioned that India's price-to-earnings (P/E) ratio has moderated from 22-25 to around 19, which should attract more investors, provided Indian companies continue to improve their profitability. This adjustment follows a period where India reportedly missed out on the global AI story, compounded by geopolitical uncertainties and rising oil prices.
A Word of Caution for Investors
Despite the optimistic outlook, Chauhan delivered a crucial warning, particularly for the growing number of retail investors. The NSE has seen its unique investor base expand significantly from 2.9 crore in March 2020 to 13.7 crore currently, underscoring the need for sound investment principles.
“Investment is about the long term. Buying in the morning and selling in the afternoon is trading or speculation. If you want to invest, invest for 3 to 5 years, 10 years, long term. Don't believe in tips,” he advised.
He further stressed that investors should never commit all their capital or borrow money specifically for market investments, emphasizing a balanced and prudent approach.
NSE's Strategic Focus Post-IPO
Following its recent Rs 22,569 crore IPO, the NSE is now concentrating on new product development and market expansion. The exchange recently launched Electronic Gold Receipts (EGRs), which saw record trading volumes of 2,27,692 units on Dhanteras, driven by strong festive demand.
The NSE has also received approval from SEBI to introduce corporate bond index futures, pending final clearance from the Reserve Bank of India (RBI). In a related move, the exchange's board has approved the sale of up to a 40% stake in its subsidiary, National Coal Exchange of India, inviting key coal users and producers to join the ownership structure.