US Tech Wobbles, While Indian Markets Eye Recovery

The US stock markets howed mixed performance marked by cautious optimism tempered with volatility, especially in technology stocks.

The S&P 500 indexwas flat for thelastweek, reflectinga slight retreat fromOctober’s 2.3%gain. TheDowJones Industrial Averageal sosaws light gains early in the week but lostmomentumamid market uncertainty,ending1.2% lower. The tech-heavy Nasdaq Compositewas themost affected,closingtheweekdownabout3%, itsworstweekly performancesince April.

The Indian stockmarketwas subdued, characterisedby modest declines andprofit-taking, drivenbyweakglobal cuesandmixedinvestorsentiment.

TheU.S.FederalReserve’sindicationofpotentialratehikes in2026rattledinternationalmarkets, triggeringapullback acrossAsianbourses,includingIndia.

Rupeedepreciationagainst thedollar added to inflation concerns, thoughtheseheadwindswerepartiallyoffsetby optimismaroundIndia’sdomesticeconomicfundamentals.

Marketliquiditywillbecloselymonitoredasprimarymarket activity intensifies,withfive IPOs including Physics Wallah and Tenneco collectivelyseekingoverRs10,000crore in capitalthisweek.

TheNiftydeclined0.89%lastweekwhile theSensex fell 0.86%.Broaderindicesoutperformed,withtheBSEMid-Cap indexgaining0.25%andtheBSESmall-Cap index closing flat. Nifty found support at its 50-day exponential moving average(DEMA),triggeringahealthyrebound.

The convergence of the downward-sloping trendline (joiningtheswinghighsof25,669and25,448)withthe50 DEMAnear25,300hasreinforcedthissupportzone.

Ontheupside, the20DEMAat25,590 is likely toactas immediate resistance, while the next hurdle is placed around25,800.

Wall Street futures roseonSundayeveningafter reports suggestedUSCongresswasclosetoreachingadeal toend thelongest-evergovernmentshutdown.

Indianmarkets arepoised toopenmodestlyhigher on positiveglobalcues.

Source – HDFC Securities, Prime Weekly, 10 Nov 2025