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Below the Quote on Daily Market Commentary for October 9th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities are likely to remain cautious amid elevated global risks. The rupee has slipped to ?96.9/US$, Brent crude remains above US$100/bbl and sustained FII selling continues to weigh on sentiment. Brent crude held around US$103/bbl even after US President Donald Trump indicated that military action against Iran would not resume before the November midterm elections. On Friday, markets saw some relief after two consecutive sessions of sharp decline, with the Nifty 50 gaining 1.3% (~290 points) to close at 22,520, supported by buying in IT stocks. The Nifty Midcap 100 rose 1.6% and the Smallcap 100 advanced 0.5%. IT (+3.0%), FMCG (+2.2%) and Auto (+1.4%) outperformed, while Oil & Gas lagged, ending marginally lower (-0.1%). IT stocks gained following TCS’s quarterly results, although the US suspension of eight technology companies, including Tata, Infosys and HCL, from the PERM green-card sponsorship programme remains a sector-specific monitorable. With the Q2 earnings season underway, stock- and sector-specific action is likely to emerge as companies report their results. Investors will track upcoming results from HCL Technologies, RBL Bank and Avenue Supermarts, among others. On the policy front, the 57th GST Council meeting recommended significant compliance reforms, including removing arrest powers under the GST law, raising the prosecution threshold from ?1 crore to ?5 crore, reducing the general penalty from ?25,000 to ?10,000, simplifying registration and improving refund timelines. The measures aim to reduce compliance friction and improve ease of doing business, with no changes to GST rates. Overall, investors will monitor crude prices, the rupee, foreign flows and Q2 results for market direction. This week, markets will track India’s September CPI and WPI inflation data and the trade balance for cues on domestic price pressures and external-sector health

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