Shravan Shetty, Managing Director, Primus Partners, shared his view that the possibility of a Santa rally depends largely on positive developments, particularly around an India–US trade deal. He noted that sustained foreign institutional investor outflows have led to market consolidation this year, following a period of strong post-COVID outperformance compared to global markets. According to him, with the Nifty trading close to its September 2024 peak, an external trigger would be required for markets to break out of the range they have remained in over the past 18 months.