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Indian markets extended their previous session’s losses and fell notably on Thursday as U.S. political uncertainty, China's COVID-woes and the turmoil in crypto currency markets spurred risk aversion. Today, the markets are likely to make gap-up opening tracking firm global cues. Investors will be eyeing the Index of Industrial production (IIP) for further cues. Foreign fund inflows likely to support domestic sentiments. Foreign institutional investors (FIIs) have net bought shares worth Rs 36.06 crore on November 10, as per provisional data available on the NSE. Some support will come as State Bank of India has pencilled in lower current account deficit at 3 per cent for this fiscal as against the minimum consensus of 3.5 per cent, citing rising software exports, remittances and a likely $5-billion jump in forex reserves via swap deals. Traders may take note of Commerce and industry minister Piyush Goyal’s statement that Indo-US economic relations are driven by the common interest of promoting sustainability, emerging technologies, globally resilient supply chains, and small businesses. There will be some buzz in tea industry stocks as Indian Tea Association (ITA) said that tea exports from India are expected to increase to around 230 million kg during this calendar year from 196 million kg last year on the back of buoyancy in export markets and Sri Lanka’s loss of crop. FMCG industry stocks will be in focus with a private report that the country's FMCG industry continued to witness consumption slowdown in the September quarter, with rural markets registering a higher decline in volumes compared to the three months ended June. There will be some reaction in insurance industry stocks with a private report that India's insurance regulator has proposed to the government that insurers be allowed to buy over 10% of unlisted firms without approval, a move that could unlock new funding avenues for startups in Asia's third largest economy. Corporate earnings continue to be under watch as LIC, Mahindra & Mahindra, Adani Power, Hindalco Industries, Hindustan Aeronautics, Hindalco Industries, ABB India, Zydus Lifesciences and Hindustan Aeronautics are among companies that will announce their quarterly earnings today. Meanwhile, DCX Systems will debut on bourses on Friday, November 11. There are expectation that the stock to list at premium over the issue price of Rs 207 per share.

The US markets ended higher on Thursday as a sign of slowing inflation in October sparked speculation the Federal Reserve might become less aggressive with interest rate hikes. Asian markets are trading in green on Friday after the release of US inflation data in October raised investor hopes that inflation has peaked.

Back home, Indian equity markets ended lower on Thursday, on the back of weakness in Auto and Consumer Durables stocks amid widespread selling pressure in global markets. A depreciating rupee also put pressure on domestic equities. Markets made a gap-down opening and stayed in red for whole day, as traders remained concerned amid a private report said that India's GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23. The slowdown was attributed to slowing global growth and tightening of monetary policies. It said India will be among the lesser affected economies in the world, but made it clear that the world's fifth largest economy is not immune from global headwinds. Traders paid no heed towards private report stated that with an average gross domestic product growth of 5.5 per cent in the past decade, India is already the fastest-growing economy in the world. It added that India is expected to overtake Japan and Germany to become the world’s third-largest economy by 2027. India is also gaining power in the world order. Sentiments remained down-beat in late afternoon deals, even as a private report stated that Indian consumer price inflation is likely to slow in October to 6.73% on weaker food price rises and a strong base one year ago but remained stubbornly well above the 6% upper limit of the Reserve Bank of India's tolerance band. Meanwhile, another private report stated that the government may soon introduce changes to the capital tax regime, making it simpler. The primary consideration will be parity within the assets, and the Centre may even consider changing the tax rates. The multiple holding periods may also be rationalised. Finally, the BSE Sensex fell 419.85 points or 0.69% to 60,613.70 and the CNX Nifty was down by 128.80 points or 0.71% to 18,028.20.