Hopes of peace in West Asia and Ukraine are likely to lift Indian equities today, despite concerns over further interest rate increases in the US. Falling crude oil prices could also support the rupee. Brent crude is hovering around $91 a barrel. Gold, which fell 2.6% on Tuesday, recovered around 0.35% in early trade today.
The US market appears to have largely absorbed concerns surrounding the artificial intelligence sector and the Nvidia controversy. Although Wall Street closed slightly lower on Tuesday, US stock futures were trading firmly higher this morning.
In derivatives trading at GIFT City, GIFT Nifty closed at 25,135 on Monday night and 25,325 on Tuesday night. It climbed to 25,350 in early trading today, suggesting a strong opening for Indian equities.
India's Consumer Price Index (CPI) inflation data for October will be released tomorrow, November 12, after market hours. Various agencies and banks expect inflation to approach or cross 6%.
Retail inflation stood at 4.83% in August and rose to 5.54% in September. Rising food prices remain the main concern. Food inflation reached 7.74% in September.
The Reserve Bank of India has been mandated to maintain inflation around 4%, with an upper tolerance limit of 6%. With price pressures intensifying, analysts expect the Monetary Policy Committee (MPC), which meets in early December, to consider another increase in the repo rate.
US retail inflation rose 0.4% month-on-month in October. Core inflation, which excludes food and energy prices, increased 0.3%. Both figures exceeded market expectations.
The higher inflation readings strengthened expectations that the US Federal Reserve would raise interest rates in December. Markets have fully priced in a 25-basis-point increase, with the probability of a larger, 50-basis-point hike rising to around 12% following the inflation report.
Federal Reserve Governor Christopher Waller indicated that a half-percentage-point increase could be considered in December if inflation remained elevated. Dallas Fed President Lorie Logan also favoured further monetary tightening. These comments contributed to Tuesday's decline on Wall Street.
If the US accelerates interest rate increases, the dollar could strengthen, putting pressure on gold and equities. US Treasury yields could rise further, attracting additional investment into dollar-denominated securities. This could encourage capital flows from emerging markets towards the US.
Easing concerns over technology and AI stocks helped US markets stage a strong recovery on Monday. Although Nvidia shares fell around 5% following reports of an investigation, the major indices recorded substantial gains.
The trend reversed on Tuesday. Nvidia declined more than 5% again, while the stronger-than-expected October inflation data revived fears of aggressive monetary tightening.
Nvidia shares briefly slipped below $166, pushing the company's market capitalisation below $4 trillion. The stock later recovered above $170.
US stock futures were trading higher this morning. Dow futures gained 109 points, or 0.21%, while S&P 500 futures advanced 34 points, or 0.45%. Nasdaq futures rose 277 points, or 1%.
In New York's American Depositary Receipt (ADR) market, HDFC Bank gained 0.66% during regular trading on Tuesday. It advanced another 0.77% in extended trading to $26.18.
ICICI Bank rose 1.25% in regular trading and gained another 0.18% in extended trading to $34.94.
Infosys advanced 1.61% during regular trading before declining 0.16% in extended trading to $12.57.
Wipro gained 1.40% during the regular session and remained unchanged in extended trading at $2.17.
European stock indices, which recorded strong gains on Monday, ended with modest advances on Tuesday. London's FTSE index, however, declined. Higher US inflation pulled European equities back from their initial highs as investors reassessed the outlook for global interest rates.
Most Asian markets were trading higher this morning. South Korea's Kospi advanced 0.70%. Semiconductor manufacturers SK Hynix and Samsung Electronics gained around 2% each.
Japan's Nikkei rose 1.2%. SoftBank Group, which has substantial investments in semiconductor companies, reported a second-quarter loss. Its shares initially fell more than 10% before recovering some of the losses.
Australia's benchmark index was marginally lower. Taiwan's index advanced 1.2%, while Shanghai recorded a modest gain. Hong Kong's Hang Seng declined around 1%.
Indian equities remained under pressure for much of Monday's session, extending the weakness seen during Muhurat trading. However, the market recovered in the final hour and advanced further during the closing auction.
The market capitalisation of BSE-listed companies reached ₹506.42 lakh crore, or approximately $5.4 trillion. The market capitalisation of NSE-listed companies stood at ₹502.21 lakh crore, or around $5.35 trillion.
Banking, financial services, pharmaceuticals, healthcare, consumer durables and realty shares recorded strong gains. IT, metals and FMCG stocks declined.
Despite gains in the benchmark indices, the broader market remained weak. On the BSE, 1,922 shares advanced while 2,513 declined. On the NSE, 1,619 shares gained and 1,947 fell.
On Friday, foreign institutional investors were net buyers of shares worth ₹13,749.82 crore in the cash market. Domestic institutional investors were net sellers of ₹5,968.70 crore.
On Monday, the Sensex gained 107.25 points, or 0.13%, to close at 81,106.65. The Nifty 50 advanced 58.25 points, or 0.23%, to 25,044.65.
Bank Nifty surged 890.60 points, or 1.51%, to 59,741.25. The Nifty Midcap 100 rose 334.40 points, or 0.55%, to 61,022.55. The Nifty Smallcap 100 gained 18.65 points, or 0.10%, to 19,185.05.
Indian stock exchanges remained closed on Tuesday, November 10, for Diwali Balipratipada.
Cochin Shipyard: Second-quarter revenue increased 12%, but net profit declined 50%.
MRF: Revenue grew 17.4% in the second quarter, while net profit fell 13%.
Kalyan Jewellers: Second-quarter revenue rose 31.4% to ₹10,323 crore, while net profit surged around 64% to ₹427 crore.
Ashoka Buildcon: The company secured a contract worth ₹866 crore for the Vadodara-Mumbai Expressway.
Olectra Greentech: The electric vehicle manufacturer's second-quarter revenue increased 4.6%, while net profit rose 6.8%.
Whirlpool: Second-quarter revenue grew 13.7%, but net profit declined 39%.
Falling crude oil prices and easing concerns over the possibility of further military escalation supported gold on Monday. However, stronger US inflation data and fears of faster interest rate increases triggered a sharp decline on Tuesday.
Gold, which had gained 1.70% on Monday, fell 2.60% on Tuesday.
On Monday, gold rose $69.30, or 1.70%, to close at $4,141.40 an ounce. It declined $107.60, or 2.60%, on Tuesday to $4,033.80. The metal recovered to around $4,052 in early trading today.
In Kerala, 22-carat gold fell ₹1,400 per sovereign on Tuesday to ₹1,04,640.
Silver dropped 3.55% on Tuesday to close at $51.67 an ounce. It recovered to $52.57 this morning.
Platinum was trading at $1,538 an ounce, palladium at $1,010 and rhodium at $8,850.
Rubber prices declined in international markets and Kerala. In Bangkok, RSS-1 rubber was quoted at $274.55 per quintal, while RSS-3 stood at $271.10.
In Kerala, RSS-4 rubber declined to ₹29,300 per quintal.
Industrial metals, which gained on Monday following the decline in crude oil prices, weakened again on Tuesday. Copper fell 0.27% to $13,992 a tonne, while aluminium declined 1.83% to $3,010.50 a tonne. Lead, nickel and tin also recorded losses, while zinc moved higher.
Cocoa prices declined 5.60% to close at $4,724 a tonne. The commodity has lost 16.77% over the past month.
Cocoa stocks at the ICE exchange reached 3.752 million bags, their highest level in two-and-a-half years.
However, production concerns continue. Reuters reported that Ivory Coast's mid-crop output for the 2026-27 season could nearly halve to between 300,000 and 350,000 tonnes, compared with around 600,000 tonnes last season. Production is also expected to decline in Ghana.
Arabica coffee fell 0.51% to $2.72 a pound. Palm oil declined 0.05% to 4,256 Malaysian ringgit a tonne.
The US dollar Index strengthened on Monday and closed at 102.23. It advanced to 102.30 in early trading today. The euro was quoted at $1.1164 and the British pound at $1.3345.
The Japanese yen weakened to 158.86 against the dollar, while the Chinese yuan strengthened to 6.67 per dollar.
The yield on the benchmark 10-year US Treasury bond briefly crossed 5% following stronger-than-expected inflation and expectations of further Federal Reserve rate increases. It subsequently eased below that level.
The decline in crude oil prices towards $90 a barrel has strengthened the outlook for the Indian rupee.
The rupee has outperformed several other Asian currencies so far in November. However, it recorded a marginal loss on Monday, with the dollar gaining two paise to close at ₹93.93.
In the offshore forward market this morning, the dollar moved between ₹93.64 and ₹93.82 before trading around ₹93.73. This suggests that the rupee could strengthen when trading resumes today.
The Chinese yuan declined to ₹14.08, while the euro advanced to ₹104.88.
Progress in peace negotiations involving Iran and continuing talks between Russia and Ukraine have pushed crude oil prices lower. Brent crude, which declined on Monday, fell another 1.2% on Tuesday to settle at $91.49 a barrel.
It recovered slightly to around $91.90 in early trading today. West Texas Intermediate (WTI) crude was quoted at around $86.26 a barrel.
The easing of concerns over fresh military action against Iran has reduced fears of supply disruptions, keeping pressure on oil prices.
Cryptocurrencies came under renewed selling pressure. Concerns over the possibility of tighter cryptocurrency regulations following the Democrats gaining a majority in the US Congress have weighed on market sentiment.
Bitcoin slipped below $73,400, while Ether traded below $2,050 and Solana fell below $83.
(Monday, November 9)
Sensex: 81,106.65 (+0.13%)
Nifty 50: 25,044.65 (+0.23%)
Bank Nifty: 59,741.25 (+1.51%)
Nifty Midcap 100: 61,022.55 (+0.55%)
Nifty Smallcap 100: 19,185.05 (+0.10%)
Dow Jones: 52,389.75 (+2.15%)
S&P 500: 7,549.94 (+2.35%)
Nasdaq: 25,253.14 (+2.74%)
Dollar: ₹93.93 (+₹0.02)
Gold (ounce): $4,141.40 (+$69.30)
Gold (sovereign): ₹1,06,040 (+₹760)
Brent crude: $92.57 (−$5.75)
Tuesday, November 10, 2026
Dow Jones: 52,231.89 (−0.30%)
S&P 500: 7,520.93 (−0.38%)
Nasdaq: 25,065.87 (−0.74%)
Dollar: ₹93.93 (+₹0.02; last Indian trading session)
Gold (ounce): $4,033.80 (−$107.60)
Gold (sovereign): ₹1,04,640 (−₹1,400)
Brent crude: $91.49 (−$1.08)