Last Updated on November 9, 2026 8:31 pm by INDIAN AWAAZ
By Our Business Correspondent
Indian equity markets closed marginally higher on Monday, with buying in public sector banks and healthcare stocks helping benchmark indices overcome early weakness. Softer crude oil prices, renewed foreign portfolio inflows and a recovery in global equities provided support to investor sentiment, although selling in information technology and metal shares limited the gains.
The Nifty 50 settled above the psychologically important 25,000 mark, while the Sensex finished above 81,100. The gains, however, were not broad-based, as market breadth remained negative, indicating that investors continued to book profits in several stocks despite the positive closing of the benchmark indices.
The S&P BSE Sensex advanced 107.25 points, or 0.13%, to close at 81,106.65. The NSE Nifty 50 gained 58.25 points, or 0.23%, to settle at 25,044.65.
Banking heavyweights provided much of the support to the benchmark indices. State Bank of India (SBI) climbed 2.56%, HDFC Bank gained 1.79% and ICICI Bank advanced 1.53%, emerging among the key contributors to the Nifty’s gains. Buying interest in public sector lenders was particularly strong, with the Nifty PSU Bank index outperforming other sectoral indices.
The market’s performance reflected a continuing divergence between sectors. Banking and pharmaceutical shares attracted buying interest, while technology stocks remained under pressure. The ongoing September-quarter earnings season also kept investors focused on company-specific developments, with results and management commentary influencing individual stocks.
The BSE 150 MidCap index rose 0.28%, while the BSE 250 SmallCap index declined 0.15%, suggesting that the recovery remained selective. Market breadth on the BSE was negative, with 2,010 shares advancing against 2,422 declining, while 247 remained unchanged.
The India VIX, which measures expected near-term market volatility, declined 5.79% to 17.36, indicating some easing in investor concerns about near-term market fluctuations.
The stock exchanges will remain closed on Tuesday, November 10, on account of the Diwali-Balipratipada holiday. Trading is scheduled to resume on Wednesday.
Oil prices, rupee and bond yields provide support
Developments in the commodity and currency markets remained important drivers of domestic equities, particularly given India’s dependence on imported crude oil.
Brent crude futures for December 2026 delivery declined $1.30, or 1.32%, to $97.02 a barrel. The decline followed comments by US President Donald Trump suggesting that further attacks on Iran were unlikely if negotiations to end the conflict continued.
Oil prices had fallen approximately 17% during the previous week, marking their steepest weekly decline since the beginning of the Covid-19 pandemic. Nevertheless, reports of attacks on vessels near the strategically important Strait of Hormuz continued to keep supply-related concerns alive.
Iraq has also reached an understanding with the United States to facilitate its oil exports through the Strait of Hormuz using a shipping lane near Oman. The arrangement could help ease some of the disruption to regional oil shipments. Reuters+1
For India, a sustained decline in crude prices would offer relief on several fronts, including the import bill, inflationary pressures and the external account. It could also improve the operating environment for oil marketing companies and other fuel-consuming industries.
In the domestic debt market, the yield on the 10-year government security eased to 7.181%, against the previous close of 7.195%. The partially convertible rupee appreciated to 93.8700 against the US dollar from 93.9850 in the previous session.
Gold prices moved in the opposite direction to crude. MCX gold futures for December 4 delivery rose 0.60% to Rs 1,43,408. The US Dollar Index declined 0.46% to 101.83, while the US 10-year Treasury yield edged up 0.08% to 4.846%.
Global markets recover, technology stocks attract attention
Global equity markets presented a broadly encouraging picture on Monday, with European shares advancing and most Asian markets closing higher, tracking the recovery on Wall Street in the previous session.
Dow Jones futures were indicating a positive opening for US equities, rising around 436 points during the trading session.
US markets had ended mixed on Friday, November 6, as investors returned to technology stocks following a sharp sell-off in the previous session. The S&P 500 gained 0.31% to 7,376.86, while the Nasdaq Composite advanced 1.09% to 24,579.42. The Dow Jones Industrial Average, however, declined 0.46% to 51,285.73.
Semiconductor and artificial intelligence-related stocks led the recovery. Advanced Micro Devices surged around 11%, Nvidia gained 2.8%, Micron Technology advanced 5.1% and Intel climbed 7.7%. AI-focused infrastructure company IREN jumped 20% after reporting stronger-than-expected revenue and growth in its AI cloud business.
Airbnb also emerged as a major gainer, rising 11.7% after reporting stronger third-quarter demand and raising its full-year revenue growth outlook to the high teens. The company also increased its adjusted EBITDA margin forecast to around 36%.
Investor attention remained on Nvidia following reports that its chief executive, Jensen Huang, had allegedly been targeted in a suspected Chinese intelligence operation. The company’s board announced an independent investigation into the matter and said it had no reason to believe that confidential company information or US national security had been compromised. The episode added another layer of uncertainty to an already sensitive technology investment environment amid growing US-China tensions.
Meanwhile, China’s latest inflation figures presented a mixed picture. Producer price inflation accelerated to 5.7% year-on-year in October from 5% in September, while consumer inflation slowed to 0.7% from 0.9%. Core inflation also eased to 0.8% from 1%.
Strong US jobs data raises interest-rate concerns
The US labour market delivered a stronger-than-expected performance in October, adding to uncertainty over the Federal Reserve’s next policy decision.
Non-farm payrolls increased by 165,000, substantially exceeding market expectations of around 65,000. September’s employment growth was revised upwards to 60,000 from the earlier estimate of 29,000. The unemployment rate declined to 4.1% from 4.2%.
Average hourly earnings increased 0.4% month-on-month and 3.1% year-on-year. The stronger employment numbers reinforced expectations that the Federal Reserve could consider another 25-basis-point interest-rate increase in December. Market-implied expectations of such an increase rose to approximately 79%, compared with 71% a week earlier. Reuters+1
The October US Consumer Price Index (CPI), scheduled for release on November 10, was the next major data point being watched by global investors. The inflation reading could influence expectations regarding the direction of US monetary policy.
For emerging markets such as India, the combination of stronger US employment, interest-rate expectations and movements in the dollar will remain important in determining foreign investment flows and currency movements.
PSU banks lead sectoral rally
Public sector banks were the standout performers on Dalal Street. The Nifty PSU Bank index surged 3.73% to 8,905.35, reversing its 0.32% decline in the previous session.
Union Bank of India led the gainers, rising 5.60%, followed by Punjab National Bank (5.27%), Bank of India (4.53%), Bank of Baroda (4.46%) and Indian Bank (4.35%). Canara Bank advanced 4.02%, while SBI gained 2.56%.
Other notable gainers included Bank of Maharashtra (1.74%), Central Bank of India (1.56%), UCO Bank (0.92%), Indian Overseas Bank (0.84%) and Punjab & Sind Bank (0.82%).
The strong performance reflected renewed buying interest in state-owned lenders, which also benefited from the broader recovery in banking stocks.
Corporate developments and earnings keep stocks in focus
Among individual stocks, Larsen & Toubro (L&T) gained 1.82% after its heavy civil infrastructure business secured a significant order from Noida Metro Rail Corporation for the Aqua Line Extension Project.
The contract covers part design and construction of a 15.1-km elevated viaduct connecting Botanical Garden with Noida Sector-142 and Depot Station with Boraki. The project also includes 10 elevated metro stations, including architectural finishing works.
Gland Pharma advanced 5.41% after reporting a 58.3% year-on-year increase in consolidated net profit to Rs 290.8 crore for Q2 FY27, compared with Rs 183.7 crore in the corresponding quarter last year. Revenue from operations rose 23.3% to Rs 1,833.6 crore. However, net profit declined 8.3% sequentially from Rs 317 crore in the June quarter.
Honasa Consumer, the parent company of Mamaearth, gained 2.98% following strong quarterly earnings. Its consolidated net profit jumped 86.7% year-on-year to Rs 73 crore, while revenue increased 35.9% to Rs 731 crore. The company reported its highest revenue growth since listing. Gross profit rose 34.8% to Rs 511 crore, although the gross profit margin moderated to 69.9% from 70.5% a year earlier.
Zee Entertainment Enterprises rose 1.97% ahead of its November 12 board meeting. The board is expected to consider measures to address investor concerns following the recent decline in the company’s share price. Options under consideration include a share buyback, an interim dividend or other measures aimed at enhancing long-term shareholder value.
Tata Steel, however, declined 2.81% despite reporting improved Q2 FY27 financial performance. Consolidated net profit increased 16.2% year-on-year to Rs 3,700 crore, against Rs 3,183 crore a year earlier. Revenue from operations rose 11.5% to Rs 65,436 crore. Profit also increased 55.1% sequentially from Rs 2,385 crore in Q1 FY27. The share price decline indicated that improved earnings did not necessarily translate into immediate buying interest.
Morepen Laboratories climbed 5% after launching its first prescription generic product in the US market through its wholly owned subsidiary, Morepen Bio Inc. The product, Desloratadine Tablets USP, 5 mg, is being introduced in 100-count and 500-count packs. Morepen has been supplying the active pharmaceutical ingredient used in the drug to the US market for several years.
Affordable Robotic & Automation hit its 5% upper circuit after securing an order worth approximately Rs 19 crore for its next-generation automated guided vehicle-based car parking technology.
Earnings and global cues to determine next market direction
With domestic markets taking a holiday break on Tuesday, investors will return to trading on Wednesday with their attention divided between corporate earnings, foreign institutional activity, crude oil prices and international monetary policy developments.
The latest session demonstrated that banking stocks and easing oil prices can provide support to Indian equities even when broader market participation remains limited. However, the sustainability of the recovery will depend on whether buying extends beyond a handful of heavyweight stocks.
The US inflation reading, developments in the Middle East and the continuing reassessment of global investments in artificial intelligence are also likely to influence risk appetite.
For domestic investors, the ongoing earnings season will remain a key determinant of stock-specific movements, particularly as companies report their September-quarter performance and provide guidance on demand, margins and business growth.
Disclaimer: This report is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell securities.