The Prime Weekly: 02 November 2026

U.S. stock markets were in risk-off mode during the past week. A wave of heightened volatility took hold during the week, largely driven by earnings disappointments and cautious forward guidance across the mega-cap technology space. While traditional sectors and energy provided defensive support early in the week, sharp tech selling toward the end of the week dragged all major indices lower week on week.

All 435 House seats and 35 Senate seats are up for election in USA tomorrow. The outcome could influence sanctions, tariffs, defence, immigration, data centres and environmental rules. Democratic control of both chambers could increase friction with the White House, raising policy uncertainty and the risk of reversals

The tech-heavy Nasdaq Composite experienced the steepest drawdown for the week, down ~2%, while the Dow Jones Industrial Average displayed relative resilience, ending 0.8% lower, while the S&P 500 closed 0.6% in the red.

Bond yields held near elevated levels throughout the week, competing with equities for capital allocations.

Indian equity benchmarks recouped most of last week’s losses, supported by renewed foreign investor buying, easing bond yields, and positive earnings. The market traded with moderate volatility as headline equity benchmark indices attempted to consolidate after extended periods of foreign portfolio adjustments.

India’s gross GST collections reached ₹2.31 lakh crore in October 2026, rising 22.9% year-on-year and remaining above ₹2 lakh crore for the fourth straight month. After refunds, net GST revenue was about ₹2.03 lakh crore, up 25.6%, reflecting strong domestic activity and import-related revenue.

Last week, the Nifty 50 index rose 2%, BSE 150 Mid-Cap index gained 3.42%, and BSE 250 Small-Cap added 3.88%.

In stark contrast to global mega-cap tech sell-offs and AI capex concerns in the US, traditional Indian IT exporters experienced relative buying interest as capital rotated toward stable delivery models.

The Indian rupee appreciated 31 paise to close at 94.95 on Friday, tracking broader Asian peers as a softer dollar index, supported by the latest US economic data, lifted regional currencies.

A sustained breakout above 23,175 for Nifty could reignite bullish momentum and open the door toward 23,500. On the downside, 22,800 and 22,650 are likely to act as immediate support levels.