November 9, 2026: Asian markets traded mostly higher on Monday, tracking gains in US equities, while concerns over an investigation involving Nvidia CEO Jensen Huang limited advances. Indian markets are expected to open positively, with GIFT Nifty signalling gains. Investors will also track banking asset quality, corporate earnings, gold prices and global currency movements.
Global Markets Update
- Asian Markets Trade Mostly Higher: Japan’s Nikkei 225 and Topix rose 3.5% and 3.3%, respectively, while Hong Kong’s Hang Seng gained 0.5% and Shanghai Composite advanced 0.7%. Australia’s S&P/ASX 200 declined 0.2%, while the MSCI Asia Pacific Index traded higher.
- US Stock Futures Advance: S&P 500 futures gained 0.4% as of 11:09 AM Tokyo time. Euro Stoxx 50 futures remained largely unchanged.
- Nvidia Shares Fall Around 3%: Nvidia shares fell approximately 3.4% to $180.30 in after-hours and perpetual futures trading, compared with Friday’s Nasdaq closing price of $186.64. The decline followed the company’s announcement that it was investigating whether CEO Jensen Huang had been targeted in a foreign intelligence effort.
- GIFT Nifty Signals Positive Opening: GIFT Nifty traded 55 points, or 0.22%, higher at 25,045, indicating a positive start for Indian equities on Monday.
Indian Stock Market Updates
- Nifty Target of 25,600 in Focus: Analysts see the Nifty potentially extending its rally towards 25,300–25,600 after gaining more than 8.5% during the previous week and reclaiming the 25,000 level. They continue to favour buying on dips, while warning of possible consolidation amid elevated volatility and overbought conditions.
- Agricultural Loans Emerge as Biggest Banking Asset Quality Risk: Agricultural loans recorded a gross NPA ratio of 5.1% in the second quarter of 2026, compared with 1.5% for industry and services and 1% for retail loans, according to BMI Research. The overall banking system’s gross NPA ratio declined to 1.8%.
- NBFCs Consider Higher Lending Rates and Fees: Non-banking financial companies and housing finance firms are considering higher lending rates, processing fees and changes to their product mix to offset potential losses in insurance distribution income following proposed regulatory caps. Borrowing costs could rise for some customers, particularly in affordable housing and higher-yield lending segments.
- FCNR(B) Payments May Keep Dollar Hedging Costs Elevated: Indian banks could continue facing higher dollar hedging costs due to FCNR(B) interest payment obligations and the RBI’s revised reserve requirements for forex derivatives. Banks remain exposed to currency risks on interest payments to non-resident depositors.
- Stocks in Focus: Mahindra & Mahindra, BHEL, Adani Enterprises, Wipro, Tata Steel, Siemens and Divi’s Laboratories are likely to remain in focus as investors track quarterly earnings, sales updates, order wins, acquisitions, fundraising plans and corporate announcements.
Currency, Gold and Commodity Updates
- US Dollar Holds Near Multi-Month Highs: The dollar remained near a 1.5-year high against the euro and a seven-month high against the Australian dollar on Monday. Strong US jobs data supported expectations of higher interest rates and strengthened the greenback.
- Gold Prices Edge Higher: Gold prices rose slightly as softer crude oil prices eased inflation concerns. However, gains remained limited amid expectations that the Federal Reserve could keep interest rates higher for longer following stronger-than-expected US payrolls data.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Stock market and commodity investments are subject to market risks. Readers should consult a qualified financial adviser before making investment decisions.
