Indian stock markets are set for a firm start to the new trading week, with early signals from the GIFT Nifty pointing to a positive opening for the benchmark Sensex and Nifty indices on Monday, November 9, 2026.
The GIFT Nifty was trading at 25,045 at around 8 am, up 55 points, or 0.22 per cent, from Sunday's close, indicating that Dalal Street was headed for a higher opening. The early signal suggested that Indian equities would build on a strong recent run, even after a modest dip in a special festival trading session a day earlier.
The positive cue from the GIFT Nifty, which trades on the NSE International Exchange in Gandhinagar, is closely watched by traders as an early indicator of how the domestic market will open. A higher reading generally points to buying interest at the start of the session, while a lower reading suggests caution.
The firm signal came despite a subdued end to Sunday's special Muhurat trading session, the traditional one-hour session held to mark the start of the Hindu new year, Samvat 2083. During that session, the BSE Sensex slipped 29 points to close at 80,999, while the National Stock Exchange's Nifty 50 declined 44 points to 24,986.
Both benchmarks had touched fresh intraday highs during the Muhurat session before easing. The Sensex climbed to 81,442 during the session, while the Nifty rose to 25,131.85, before profit-taking pulled the indices marginally lower by the close.
The small decline ended a seven-session winning streak for Indian equities, a run that had produced the strongest weekly rally since February 2021. The streak had lifted both indices to eight-month highs on Friday, and analysts said the pause was a natural breather rather than a change in the market's direction.
Market watchers said the underlying structure of the market remained supportive, with strong participation from domestic institutions, resilient corporate earnings and improving clarity on global developments. As markets entered Samvat 2083, analysts said the focus would be on whether buying interest could be sustained in the coming sessions.
Asian Markets Recover From Sharp Weekly Losses
Much of the optimism on Monday morning came from a rebound across Asian markets, which recovered from steep losses recorded during the previous week. Japan's Nikkei 225 and Taiwan's benchmark index each jumped by around 2.5 per cent in early trading, while South Korea's Kospi rose by more than one per cent.
The recovery followed a sharp sell-off in technology shares last week, which had dragged Asian markets lower. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent on Monday, after declining 4.6 per cent over the previous week.
The technology sell-off had been driven by growing concern over the profitability of massive investments in artificial intelligence, heavy infrastructure spending by technology companies and the possibility of tighter regulatory oversight following the midterm elections in the United States.
Wall Street had also recovered on Friday, providing further support to sentiment in Asia. However, gains were tempered by concern over an investigation involving Jensen Huang, the chief executive of chipmaker Nvidia, which weighed on technology stocks.
In early trade on Monday, S and P 500 futures were up 0.1 per cent, Hang Seng futures rose 0.6 per cent and Nikkei 225 futures gained 2.3 per cent. Japan's Topix index rose 2.8 per cent, while Australia's S and P ASX 200 slipped 0.6 per cent.
Crude Oil Slips Below 98 Dollars a Barrel
Falling crude oil prices added to the positive mood for Indian markets, which are sensitive to energy costs because the country imports most of its crude oil requirements.
Brent crude, the international benchmark, fell below 98 dollars a barrel, declining 0.85 per cent to 97.48 dollars a barrel in early trading on Monday. United States West Texas Intermediate crude slipped 0.35 per cent to 90.51 dollars a barrel.
Oil prices declined after United States President Donald Trump indicated that fresh attacks on Iran were highly unlikely while peace negotiations continued to make progress. The comments eased fears of a disruption to oil supplies from the Middle East, a region that accounts for a large share of global production.
The fall in crude prices is generally seen as positive for India, since cheaper oil reduces the country's import bill, eases inflationary pressure and supports the rupee. Relatively stable crude prices, a firming rupee and the resumption of foreign portfolio inflows were all cited as factors supporting market sentiment on Monday.
The rupee had surged 52 points to close at 93.89 against the United States dollar on Friday, supported by a softer dollar, declining crude oil prices and easing concerns over import costs, according to market reports.
Gold prices edged higher on Monday as softer oil prices eased inflation concerns, although gains were capped by expectations that the United States Federal Reserve would keep interest rates higher for longer following strong payrolls data.
What Analysts Are Watching
Analysts said the immediate question for the market was whether the recent rally could be sustained. Ponmudi R, the chief executive of Enrich Money, said the focus would be on whether buying interest could continue amid lingering global concerns surrounding the artificial intelligence trade.
He said that while easing crude prices and improving global risk sentiment were providing near-term support, persistent geopolitical uncertainty and the risk of renewed disruption to energy and shipping routes were likely to keep the recovery measured.
Market participants were also watching the India VIX, a measure of fear in the markets, which rose 12 per cent to settle at 17.46 after Sunday's Muhurat session. A rising VIX generally signals that traders expect greater volatility in the sessions ahead, although the level remained well below the peaks seen during periods of acute market stress.
On the technical front, analysts identified 24,800 as the immediate support level for the Nifty, followed by the 24,600 zone. A sustained move above recent highs, they said, could extend the recovery further.
The Muhurat session itself had been a moment of celebration for market participants, marking the beginning of Samvat 2083. Traders traditionally make token purchases during the one-hour session, believing it brings prosperity for the year ahead.
Despite the marginal decline on Sunday, the mood in the market remained broadly optimistic. The seven-session winning streak that ended on Sunday had been powered by strong institutional buying, improving corporate earnings and a steady flow of foreign investment.
As trading resumed in full on Monday, investors were expected to track global cues, crude oil prices and the movement of foreign portfolio investors, all of which have played a central role in shaping the market's direction in recent weeks.
The firm signal from the GIFT Nifty suggested that the new Samvat had begun on a hopeful note, with traders betting that the recovery in Asian markets and the easing of oil prices would carry Indian equities higher at the open.
(Reporting based on Moneycontrol and The Economic Times.)