On the 30-share Sensex, shares of Eternal, Maruti Suzuki, Kotak Mahindra Bank, Mahindra & Mahindra and Tech Mahindra led the advance, each up between 1% and 2%.Financial stocks rose 0.6% and were the strongest boosters among the benchmarks, helped by the Reserve Bank of India’s support for export-oriented industries facing US tariff pressure.
In the broader market, small caps rose 0.5%, while midcaps rose 0.7% to hit a new record high.
Tata Motors Passenger Vehicles fell 4.7% after the carmaker cut its fiscal 2026 margin outlook for its UK arm, Jaguar Land Rover.
Expert views
The market has maintained its positive momentum and is hovering around the key psychological level of 26,000 as investors anticipate a strong catalyst for further upside, said Vinod Nair, head of research at Geojit Investments, adding that a potential trade deal remains a crucial trigger that participants are closely watching. “Currently, the risk-reward ratio is broadly favorable, supported by stronger-than-expected second-quarter earnings from midcaps, which have boosted confidence in the growth revival and point to possible future earnings improvements,” Nair said.
Global markets
Stock and bond yields held steady Monday as markets caught their breath from a surge in technology stocks last week that could resume or reverse when $5 trillion chipmaker Nvidia reports earnings on Wednesday.
Europe’s benchmark index of 600 major stocks rose 0.1% in subdued trading Monday morning, with Wall Street looking set to follow the steady sentiment as S&P 500 futures traded 0.6% higher and Nasdaq 100 futures rose 1%.
Expectations for a US rate cut in December have fallen below 50% after policymakers sounded hesitant. That’s starting to put pressure on stocks, especially in the frothy and interest-rate-sensitive technology sector.
In Asian trading, Japan’s Nikkei fell 0.2%, while tourism and retail stocks fell heavily after China warned citizens against visiting Japan.
In Australia, a 0.6% decline for BHP after the British Supreme Court found the company liable for the collapse of a dam in Brazil kept the stock market flat. The Hong Kong and China indices each fell about 1%.
Ten-year US government bond yields held steady at 4.1347% and German ten-year yields, the eurozone benchmark, also remained firm at 2.715%, after reaching their highest level since October 7 at 2.718%.
The most important US figures this week are Thursday’s delayed September jobs report.
Gold fell to $4,072 an ounce, although the precious metal is up 55% this year from a price of $2,624 an ounce on Jan. 1, as safe-haven demand, geopolitical tensions and expectations of lower interest rates boosted its appeal.
Bitcoin, which has acted as a barometer of sentiment for tech stocks lately, is off its biggest weekly decline since March after losing more than 10% last week. The price rose 2% to $95,517 on Monday.
Rough impact
Oil prices fell on Monday, giving up last week’s gains after Russia resumed loadings at the Novorossiysk export hub following a two-day shutdown due to a Ukrainian strike.
Brent crude fell 44 cents, or 0.7%, to $63.95 a barrel by mid-morning in London. The U.S. West Texas Intermediate fell 48 cents, or 0.8%, to $59.61.
Rupee vs dollar
The Indian rupee edged higher on Monday to settle at 88.63 per US dollar, supported by mild dollar inflows that helped offset steady demand for hedging from importers. The move came even after official data showed India’s trade deficit rose to a record in October.
Across the region, most Asian currencies fell between 0.1% and 0.5%. The dollar index hovered just below 99.5, with investors remaining cautious ahead of the raft of US economic releases due later this week.
(with input from agencies)
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