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Indian markets ended Tuesday's session modestly lower after two days of gains on dull global cues. Today, the markets are likely to make gap-down opening following weakness in global peers coupled with sharp rise in crude oil prices. Oil prices rose to two-week high on Tuesday after United States lifted travel restrictions even as supply remained tight. There will be some cautiousness with Revenue Secretary Tarun Bajaj’s statement that excise duty cut on diesel and petrol prices will burden the government's coffers, but it has no plans to increase the borrowing immediately. Forigen fund outflow may also weight on the domestic sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 2,445.25 crore on November 9, as per provisional data available on the NSE. However, some support may come as Union Commerce and Industry Minister Piyush Goyal said India is poised to achieve a services export target of $1 trillion by the year 2030. According to Goyal, the services sector is one of the key drivers of India’s economic growth. He said the sector provides employment to nearly 2.6 crore people and contributes approximately 40 percent to India’s total global exports. Traders may take note of report that Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic. There will be some buzz in the real estate industry stocks with a private report that housing sales jumped nearly 46 percent q-o-q to 50,000 units in Q3 2021 and sales rebounded by approximately 86 percent y-o-y on a year-to-date basis on the back of an attractive mortgage regime and government incentives. Coal industry stocks will be in focus as the government said the country's total coal import dropped 12 per cent year-on-year (y-o-y) to 94.15 million tonnes (MT) in April-August 2021, on account of a substantial reduction in the import of non-coking coal. There will be some reaction in aviation stocks as ICRA report said domestic air passenger traffic grew by a whopping 67 per cent year-on-year at around 87-88 lakh in October, on the back of festive season demand amid continuous fall in the number of COVID-19 infection cases. Meanwhile, Nykaa, owned by FSN E-Commerce Ventures, whose IPO got 81.78 times subscription, is scheduled to make its stock market debut on Wednesday, 10 November 2021. Apart from this, today is the last day to bid for Paytm IPO. Moreover, Latent View Analytics, a data analytics firm, will be open for public subscription on November 10.

The US markets closed lower on Tuesday ending a multi-day rally of consecutive record closing highs as profit-taking and worries over ongoing inflation fueled a broad sell-off. Asian markets are trading in red on Wednesday as investors await US and China inflation numbers.

Back home, Indian equity benchmarks ended with minor losses marked by volatility on Tuesday. Losses in metal, consumer durables and banking stocks pulled the headline gauges lower. After a positive opening, the domestic markets traded lower, as traders got anxious with Rating agency Crisil’s latest report stated that higher diesel prices will shave off the overall profitability of transporters despite an improvement in freight rates since last month following the withdrawal of the monsoons, consumption recovery and higher infrastructure activity. Some concern also came with report that India, speaking on behalf of the BASIC group, warned that lack of a serious approach to climate finance will jeopardise the enhanced mitigation and adaptation ambition as well as net zero pledges of parties. Traders were also worried on continuous outflow of foreign capital. Foreign Institutional Investors (FIIs) again stood as sellers as they offloaded shares worth Rs 860.65 crore in the capital market on Monday, exchange data showed. The markets however, recovered most of their losses by the end of the day as traders found some solace with domestic rating agency Brickwork Ratings revised its growth estimate for the country's gross domestic product (GDP) to 10-10.5 per cent in the current financial year from an earlier expectation of a 9 per cent growth. It said many economic growth indicators are suggesting a faster-than-expected revival in economic activities. Some support also came with SBI report stating that India is now ahead of China in financial inclusion metrics, with mobile and internet banking transactions rising to 13,615 per 1,000 adults in 2020 from 183 in 2015 and the number of bank branches inching up to 14.7 per 1 lakh adults in 2020 from 13.6 in 2015, which is higher than Germany, China and South Africa. Meanwhile, Markets regulator SEBI allowed foreign portfolio investors (FPIs) to write off all debt securities that they are unable to sell. This will be applicable only to such FPIs who wish to surrender their registration. Finally, the BSE Sensex fell 112.16 points or 0.19% to 60,433.45 and the CNX Nifty was down by 24.30 points or 0.13% to 18,044.25.

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