Global Pulse Weekly Update 11th Nov'26: US Political Shifts Hit Tech Stocks; India Emerges as a Bright Spot

By HDFC SKY | Last Updated: Nov 11, 2026

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The US midterm elections set the tone for the week. Democrats won control of Congress, and investors worried that new lawmakers could slow the building of AI data centres, the spending that has been driving tech stocks.

That fear hit on Thursday, when the Nasdaq fell 5.5% in a single day. A Friday bounce did not undo it. The Nasdaq ended the week down 3.4% at 24,579.42 and the S&P 500 lost 2.7% to 7,376.86.

A strong jobs report, 165,000 new jobs and well above forecasts, also kept alive bets on a Fed rate rise in December.

Asia took the hardest hit. Japan’s Nikkei 225 fell 9.3% to 57,434, its worst week since 2020.

Gold went the other way, up 5.0% to about $4,069, as investors looked for safety.

Oil gave some relief. Brent crude fell about 13% to $98.32 a barrel on hopes that the US and Iran are close to ending the war.

India gained from both of those shifts this week. Cheaper oil means a smaller import bill, and foreign funds bought about ₹15,000 crore of Indian shares on Thursday alone, the most in nearly six years.

The Nifty 50 jumped 8.6% to 25,030.35, its best week in six years. The rupee firmed 1.1% to 93.91 a dollar.