IGI Logo

Below the Quote on Daily Market Commentary for November 09th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities are likely to consolidate in the near term as investors book profits after the sharp rally of over 10% in seven sessions. With markets closed on Tuesday, the direction on Wednesday will largely be driven by global cues. However, several tailwinds, including a strong earnings outlook, lower crude oil prices and the prospect of slower AI-related capex globally, continue to support the market. Hopes of an end to the conflict involving Iran have led to a sharp correction in crude oil prices, with Brent declining around 14% last week to near US$99/bbl, while India’s limited exposure to the AI trade has shielded domestic stocks from the global technology sell-off. Investors will now track US October CPI data tomorrow, which will shape expectations for a possible Fed rate hike in December after the stronger-than-expected US jobs report. They will also follow India’s October CPI inflation on Thursday, after September inflation rose to a 2026 high of 5.54%. On the geopolitical front, US President Trump’s meeting with the Qatar Prime Minister, who is mediating fresh proposals in the US-Iran talks, will be watched closely for its bearing on crude prices. Today, the Nifty 50 opened higher at 25,076 on firm Asian cues and slipped below the 25,000 mark in early trade amid selling in IT heavyweights, before recovering in the closing session to settle marginally higher at 25,045, up 0.2%. The Midcap 100 and Smallcap 100 close 0.5% and 0.1% higher respectively.  PSU banks led sectoral gains with a 3.6%, followed by Pharma, while IT declined 1.2% and Metals slipped 0.5%

Above views are of the author and not of the website kindly read disclaimer