Market View 09th November, 2026

View on market: Volatility persists, eagerly searching for growth:

Asian markets opened on a mixed note on Monday, with Japan’s Nikkei and Topix trading higher, while South Korea’s Kospi and Australia’s ASX declined. Investors remained cautious ahead of a busy week of corporate earnings and economic data, particularly from major technology and AI companies. Uncertainty surrounding Nvidia added pressure on technology stocks, while investors also awaited key US inflation data for further direction on the economic outlook. US stock futures initially traded higher, supported by hopes of a continued recovery in technology shares. However, Nasdaq futures later turned negative following reports of an investigation involving Nvidia CEO Jensen Huang, raising concerns ahead of major AI earnings and economic announcements. Indian benchmark indices ended the special Muhurat trading session in the red, breaking their long winning streak as early gains faded towards the close. The Sensex and Nifty closed marginally lower. However, on Friday, domestic markets extended their rally for the seventh consecutive session, supported by strong buying in private banking and pharmaceutical stocks despite weakness in global markets.

Key Quarterly Results for Today:

GULFLLOYDS, HBLEAS, HBPOR, MANRAJH, MEDICO, NICCOPAR, OLECTRA, PARKHOSPS, RMDRIP, SVPGLOB, THRIVE, TIRUFIN, VENTURA, WHIRLPOOL.

Economic Calendar:

• USD: ADP Employment Change Data and CPI Oct on 10^th November 2026.
• IND: CPI on 12^th November 2026.
• USD: API Crude Oil Stock Change and MBA 30 – Year Mortgage Rate on 11^th November 2026.
• IND: Bank Deposit & Loan Growth Rate and Foreign Reserves Data on 13^th November 2026.

BROKERAGE:

MORGAN STANLEY ON HINDALCO INDUSTRIES:

Maintains OVERWEIGHT rating; Target Price at ₹1,140, Consolidated EBITDA of ₹128 billion beats Morgan Stanley’s estimate and consensus, Domestic EBITDA of ₹90 billion comes 13% above the house estimate, Copper EBITDA of ₹16.7 billion beats the house estimate by 60%, Copper performance benefits from strong demand, higher sulphuric acid prices and one-time gains, Consolidated PAT of ₹75 billion misses the house estimate of ₹81 billion, Net debt-to-EBITDA eases to 1.80x from 1.95x.

MORGAN STANLEY ON MPHASIS:

Maintains OVERWEIGHT rating, Raises Target Price to ₹2,900 from 2,730, Guidance upgrade provides greater visibility into H2 growth, Sees margins towards the lower end of the 14.75-15.75% band in FY27, Expects cash flow to normalise from H2FY27, with further improvement in FY28, Raises FY27E revenue growth forecast to around 10% in constant currency terms, Expects OCF to net income to fall short of the 80% guidance in FY27, Raises EPS estimates by 1-4% and scenario valuations by 4-11%, Sees room for further re-rating.

ELARA CAPITAL ON ADANI PORTS & SEZ:

Reiterates its Buy rating, raises Target Price to 2,432 from ₹2,107, The company plans to acquire, Netherlands-based Evos at an enterprise value of €2.56 billion, The all-cash, debt-funded deal is valued at 11.4x CY26E EV/EBITDA, Evos, Europe’s second-largest independent liquid storage operator, has an EBITDA margin of 56% versus 44.8% for Adani Ports’ international ports, The acquisition expands the company’s 5900 footprint to 28 ports and terminals across 10 countries, Elara expects the deal to support growth, with the Target Price raised on a valuation roll-forward to FY29E.

International Markets:

U.S & Europe:

*As per 09^th November

Asian markets:

*As per 09^th November

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

FII & DII Data in Cr.

News Updates:

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Vindhyachal Prasad, InCred Markets Limited, vindhyachal@elitestock.com
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