Ashwini Shami - President & Portfolio Management - OmniScience Capital
The US midterm outcome, with a divided government, should improve global sentiment, but Trump is likely to rely on executive power, so a fundamental shift on Iran, Russia or trade before 2028 is unlikely. For India, the bigger support comes from the correction in US yields and AI stocks and a crude fall of over 15% to below $95, which strengthen the case for FII allocation. Lower crude should ease the current account deficit, support the rupee and soften commodity prices, reducing margin pressure across sectors.Banking, construction and power look best placed, with double-digit earnings growth and single-digit to low double-digit P/E multiples that support rerating; banks also stand to gain from returning FII flows. Any easing of West Asia tensions would help EPC players with large regional order books. Exporters oriented businesses which gained from a weaker rupee, may see that tailwind moderate if the rupee firms.
Digital trust company eMudhra Limited today reported a 19.6 per cent rise in total income to Rs 2,093 million for the quarter ended September 30, 2026, against Rs 1,749 million a year earlier. EBITDA rose 21.6 per cent to Rs 513 million, at a margin of 24.5 per cent. Profit after tax grew 26.3 per cent to Rs 334 million.
For the first half, total income stood at Rs 4,018 million, up 23.4 per cent, while profit after tax rose 27.1 per cent to Rs 654 million. Enterprise Solutions revenue grew 36 per cent and now makes up 66 per cent of the total. The company won its first customers in Kazakhstan and Nigeria during the quarter, and cross selling with Cryptas added three large enterprise clients in Europe.
Shiprocket, India's largest ecommerce enablement platform for MSMEs, today reported consolidated results for the quarter ended September 30, 2026 ("Q2 FY27"). The company turned profit after tax positive at Rs.6 Mn, against a loss of Rs.203 Mn a year earlier and Rs 137 Mn in Q1 FY27. Revenue from operations grew 35% year-on-year to Rs.6,736 Mn and Adjusted EBITDA grew to Rs.142 Mn.
Both the Core and Emerging engines drove the turn. The Core Business generated Rs.591 Mn of Adjusted EBITDA, up 29% on 25% revenue growth. The company is also serving hyperlocal requirements of its core segment, opening another significant opportunity. The Emerging Business revenue grew by 61%, narrowing its Adjusted EBITDA margin from (31.5%) to (21.2%). With IPO proceeds received in the quarter, the company repaid all borrowings and closed the half debt-free, with net cash from operating activities of Rs 551 Mn in H1 FY27.
The midterm result is unlikely to change the long-term direction of US equities on its own, but it does alter the policy backdrop. A more divided government generally makes it harder to pass large tax changes, spending packages or major regulatory shifts. From a market perspective, that can reduce the probability of another large fiscal impulse, which may be mildly supportive for bond markets if it slows the pace of deficit expansion.
For equities, the impact is likely to be more sector-specific than index-wide. Areas such as AI infrastructure, data centres, energy and healthcare could see greater policy scrutiny, while companies with strong balance sheets and visible cash flows may be better placed to absorb regulatory or funding changes.
Over the longer term, earnings growth, inflation, interest rates and productivity will matter far more for the S&P 500 than the election result itself. The more useful approach for investors is to assess how the new policy environment changes sector economics and capital allocation rather than treat the election as a directional call on the broader market.
Vikaas M Sachdeva,CEO, BitDelta India
Bitcoin rose 4.44% to about $80,317, while Ethereum gained 6.71% to $2,413. Nine of the top 10 cryptos advanced, with Solana, XRP and BNB participating in the rebound. TRON remained lower, leaving one exception to the broader recovery.
The move follows a period of pressure on recent buyers. As of 4 November at 11:00 UTC, only about 38% of Bitcoin short-term-holder supply is in profit, against at least 97.5% in early October. That observation precedes the subsequent rebound above $80,000.
The distinction matters because recovering prices can first reduce unrealised losses before restoring widespread profits. Across more than top 300 tokens, the share in which recent holders sold at a profit had fallen from about 80% in late September to 12% by the end of October. Today's gains do not automatically reverse that earlier pattern.
On 3 November, US spot Bitcoin ETFs recorded $115.6 million of net outflows. This separate demand measure predates the rebound. The combination supports a measured reading: prices have improved broadly, while the recovery in holder profitability and institutional demand needs to be assessed alongside subsequent observations.
The next scheduled macro event is the US October employment report on 6 November at 7:00 PM IST. Bitcoin's support reference is near the observed $75,616 daily low, with resistance around the $81,078 high. These are descriptive levels. The daily advance alone does not establish a lasting change in market direction.
Swati Babel, founder and CEO of Globizera
"While it is difficult to ignore the thought of who controls congress in the US, the larger issue in India is the predictability of trade policy going forwards.
This means that export points will be unable to plan spend and financing based on removal of tariffs. As soon as there is uncertainty, the financial impact can start to happen. Orders may be held off, price negotiation may occur, extra stock levels will be hold and export companies will want to provide longer payment terms. This all impacts working capital.
In order to mitigate the risks involved with doing business with the US companies should look further than just the tariff. Conduct stress testing on your cash flow, margin, payment terms and currency. While having diversification in your marketplace can help, this also requires spend. Having a strategy for your liquidity in an unpredictable trading environment will be just as important as looking at finding another customer."
The Thesis
Nifty 500 closed at a two-month high as Brent's near-9% slide toward $95 eased the oil-import drag that has capped Indian equities all year, and GIFT Nifty points to a further gap-up this morning. With breadth across our core basket too thin today to carry a conviction call, we lean into a momentum-and-quality blend across financials and consumption, the two engines best placed to capture the crude-relief tailwind.
Where We're Concentrated
We're weighted toward financial distribution and banking - Bank of Maharashtra and Federal Bank both posted record quarterly profits with decadal-low bad loans, a credit-cycle tailwind that strengthens as cheaper crude eases the inflation arithmetic - alongside a consumption leg in e-commerce riding a strong festive print, and one industrial materials name capturing the capex trade. The risk: our insurance-distribution name slid to a 52-week low after flagging heavier ad spend, a reminder that growth-at-a-premium names get marked down fast the moment unit economics wobble.
Trailblazers Picks
Trailblazers - Top Rank
PB Fintech
Insurance distribution leader rides the rate-sensitive bid as cooling crude eases the RBI's inflation arithmetic.
Bank of Maharashtra
Record profit and a 25% book expansion put this PSU lender at the center of the credit-cycle re-rating.
Nykaa
Profit nearly tripled on a strong festive quarter, capturing consumption as crude relief lifts household spending power.
Federal Bank
Decadal-low bad loans and record profit make this private lender the cleanest asset-quality story in the financials trade.
APL Apollo Tubes
Steel-pipe maker rides India's capex cycle, a momentum leg independent of the oil-driven financials and consumption trade.
One Thing to Watch
Bharti Airtel's Q2 print after the bell A Nifty telecom heavyweight reporting today sets the tone for breadth tomorrow - a double-digit revenue beat extends the rally our financials-and-consumption tilt is riding, while an ARPU miss could stall the gap-up before it opens.
Ankita Pathak, Head - Global Investments, Ionic Asset
There are many intertwined implications that will become clearer once the oath is taken in January. a) For the tech trade, the surprise Texas win puts the heart of the US data centre buildout under political pressure, so expect more scrutiny on power costs, grid strain and permitting. AI capex continues, but power becomes the bottleneck to own. This is negative tech, the futures fell sharply but then dip buyers came in. A lot of pain in tech has happened a month prior (NDX 100 down 9.8% since Oct-6 highs) so could be in the price b) Gridlock limits new fiscal spending, which is softer for US yields, especially at the long end, but higher inflation for longer could limit yield softening. c) With Netanyahu losing majority, the risk of escalation of US-Iran war could ease, however, that still remains an unknown factor amid possibility of a coalition government in Israel. d) Potentially softer yields and lower geopolitical risk weigh on the DXY, and if that holds, it will likely be positive for gold, EM and commodities. A year after a midterm have historically been good for equities, and we stay constructive, diversified across DMs and EMs and across AI and non AI trades. From here, inflation, yields, the dollar and US-Iran matter more. One big overhang on the market will be behind us after this event and has historically given way to the year-end Santa rally in next 3 months.
Avinash Shekhar, Co-Founder & CEO, Pi42
"The cryptocurrency market has witnessed a strong rebound, with Bitcoin gaining nearly 4.7% to trade around $80,500, while Ethereum has outperformed with a 6.9% surge to approximately $2,420. XRP has also participated in the recovery, trading near $1.30. The rally follows heightened volatility surrounding the US midterm elections, with improving market sentiment and short liquidations driving the upward momentum. Nearly $975 million worth of positions were liquidated over the past 24 hours, largely involving traders betting on further declines. Ethereum's stronger performance reflects renewed buying interest, although the extent of short covering suggests that sustained momentum will depend on fresh capital entering the market.
Looking ahead, Bitcoin's ability to consolidate above the $80,000 mark will be crucial in determining the next market direction, while Ethereum's movement towards $2,500 could indicate further upward momentum. Investors should closely monitor trading volumes, liquidation activity and broader macroeconomic developments to assess the strength of the recovery. Rather than chasing sharp price movements, a disciplined approach with staggered entries, appropriate position sizing and a focus on key support levels would help investors navigate the current market environment. Sustained buying activity across major cryptocurrencies will be an important indicator of whether this rebound can develop into a broader recovery."
India's festive passenger vehicle market is heading into the season with a sizeable conversion opportunity, with 32.9% of prospective buyers still evaluating their options despite healthy purchase intent, according to Grant Thornton Bharat's Festive Drive: What Consumers Want in Their Next Ride, based on its annual Festive Passenger Vehicle Pulse 2026 survey. The findings suggest consumers are increasingly weighing factors such as fuel technology, long-term ownership value, sustainability and future-readiness before committing to a purchase.
The study captures insights from more than 1,300 consumers and over 500 dealers across India. Covering 16 themes across the passenger vehicle ecosystem, the report provides a comprehensive view of the factors influencing festive-season demand and how consumer priorities have evolved compared to last year.
Daily quote from Mudrex
Bitcoin has moved back above $80,000, gaining around 3% after Democrats secured control of both chambers of the US Congress. While the outcome was largely anticipated, the rebound triggered nearly $330 million in short liquidations within an hour, adding to the upward momentum. Historically, Bitcoin has seen post-midterm weakness, with prices falling to cycle lows in the weeks following the 2014, 2018 and 2022 elections before gaining around 25%-90% over the next year. However, uncertainty around the passage of the CLARITY Act over the next two years and $514 million in November ETF outflows continue to weigh on sentiment. Bitcoin needs to break $82,000, with $78,000 as key support said Prateek Gupta, Head of Business, Mudrex
Daily Quote from CoinSwitch
BTC crossed $81K as a broader rally across crypto and equity markets followed the US midterm elections. The rally was supported by improving risk sentiment, with investors expecting greater political certainty. BTC's open interest also rose 1.61%, suggesting fresh market participation. $80K remains as a crucial level for sustaining bullish momentum, with $79K acting as the next support. Holding these levels could set the stage for a potential trend reversal and breakout over the next 7-10 days said CoinSwitch Markets Desk
Himanshu Gupta, Head of Research at Jainam
Wall Street closed sharply higher on Wednesday as Democrats' sweeping midterm election victory eased political uncertainty and boosted risk appetite, though data center shares fell on fears of tighter AI regulation. The S&P 500 gained 119.7 points, or 1.6%, to end at 7,688.62 points, while the Nasdaq Composite added 364.50 points, or 1.4%, to 25,736.51. The Dow Jones Industrial Average rose 1,569.40 points, or 3%, to 53,356.12.
Indian equity benchmarks extended their positive momentum on November 4, with all three major indices closing in the green. Sensex gained 0.50%, Nifty 50 advanced 0.63%, while Bank Nifty rose 0.67%. Nifty settled at 23,960.60, gaining 149.75 points, while Sensex closed at 77,301.40 and Bank Nifty at 55,913.60. On the daily chart, Nifty has witnessed a strong recovery from the October lows and closed at 23,960.60, gaining 0.63%. The index has moved decisively above its short-term moving averages, with the 9-day EMA near 23,081 and the medium-term moving average around 23,226. This indicates a significant improvement in the short-term trend. The RSI is around 68.55, indicating strong bullish momentum and approaching the overbought territory. The RSI has moved significantly above its signal average near 51.47, reflecting strengthening buying interest. Nifty is now approaching an important resistance zone around 24,000-24,200. The immediate resistance is placed at 24,200, which also coincides with the Call Max OI level. A sustained breakout above 24,200 could extend the recovery towards 24,400-24,650, where the next major supply zone is placed.
Disclaimer: Investments in securities market are subject to market risks, read all the related documents carefully before investing. This is for educational information purposes only. For more details click on https://www.jainam.in/disclaimer/
Vikram Subburaj, CEO, Giottus.com
Gold and silver futures on the MCX are tracking a sharp recovery in global bullion, with a weaker US dollar and lower Treasury yields supporting prices. December gold futures closed Wednesday at Rs 1,43,234 per 10 grams, up Rs 3,782 or 2.71% from the previous close. December silver futures settled at Rs 1,87,735 per kg, rising Rs 8,037 or 4.48%.
The rally reflects renewed demand for precious metals after US midterm election results weighed on the dollar. Lower Treasury yields also make non-yielding assets such as gold more attractive. A softer dollar can further support bullion by making it cheaper for buyers using other currencies.
However, the recovery may not be straightforward. Markets continue to price in a high probability of a Federal Reserve rate increase in December. Expectations of tighter monetary policy can support the dollar and yields, limiting the upside for gold and silver. The US employment report due on November 6 will be closely watched for clues on the Fed's next move.
For Indian investors, currency movements will remain important alongside international prices. A weaker rupee can amplify gains in domestic bullion, while a stronger rupee may soften the impact of a global rally. Silver may also see larger price swings than gold because of its industrial demand and relatively higher volatility.
The immediate trend is constructive, but investors should avoid chasing sharp moves. Watch the dollar, US yields and employment data for confirmation. Staggered buying and disciplined position sizing may help manage volatility.
Vikram Subburaj, CEO, Giottus.com
Bitcoin is attempting a recovery after a volatile session. In the November 5 Indian-market snapshot at 5:43 a.m. IST, it traded at Rs.76,18,998, up 3.96% over 24 hours. The rebound follows heavy selling and comes as investors reassess the US midterm-election outcome. However, recent ETF withdrawals and uncertainty around the Federal Reserve's December policy path continue to weigh on sentiment.
Altcoins are also recovering, though performance remains uneven. Ethereum traded at Rs.2,29,219, up 6.36%. BNB was at Rs.68,082, up 3.08%. XRP stood at Rs.123, up 2.12%, while Solana traded at Rs.9,030, up 2.83%. TRON was at Rs.30.19, down 0.94%. These are timestamped Indian-market quotes.
Our advice: Treat this as a relief rally until stronger confirmation emerges. Avoid chasing sharp moves. Use staggered entries, keep position sizes modest and watch ETF flows and upcoming US labour-market data before increasing exposure.
Riya Sehgal, Research Analyst, Delta Exchange
"Bitcoin and Ethereum rebounded after the U.S. midterm results eased election uncertainty, while U.S. stocks rallied, oil fell sharply and Treasury yields eased.
Bitcoin is near $80,500 after recovering from around $75,600; Ethereum is near $2,426. Both rose above the key EMAs with volume expanding on the move.
CoinGlass reported $830.69 million in liquidations affecting 106,231 traders over 24 hours. That forced repositioning likely amplified the rebound.
Bitcoin ETFs recorded a modest $35.1 million inflow on Nov. 4 after three sessions of heavy outflows, while recent ETF demand remains a concern.
BTC needs to hold $79,000 and clear $81,700-$82,000; ETH needs to hold $2,397 and break $2,440-$2,450. Continued spot buying and ETF inflows would make the recovery more convincing; otherwise, a pullback toward support remains possible."
Allcargo Logistics Limited, an integrated logistics provider through its Domestic Supply Chain, Express Distribution and Consultative Logistics businesses, announced its consolidated financial results for the period ended September 30, 2026, reporting an improvement in profitability supported by consistently improving customer service levels, pricing discipline and operational efficiencies.
The company's gross profit grew 13% year-on-year in Q2FY27 & 12% in H1FY27, while EBITDA increased 24% year-on-year in Q2FY27 & 31% in H1FY27. The company also reported a Pre-Exception PBT of Rs 24 crore in Q2FY27, representing a healthy 167% year-on-year growth, compared with Rs 9 crore in Q2FY26.
The improvement reflects the company's continued focus on strengthening operating margins across its domestic logistics businesses. In Express Distribution, sustained/consistent progress in service levels, enhanced customer engagement and improving network efficiencies have enabled revenue growth and yield improvement. In Consultative Logistics, higher throughput from existing customers on the back of efficient service, improved warehouse utilisation and cost optimisation contributed to a sequential improvement in gross margins.
Commenting on the performance, Mr. Ketan Kulkarni, Managing Director and Chief Executive Officer, Allcargo Logistics Limited, said, "Our overall H1FY27 performance demonstrates a continued progress in strengthening the fundamentals of our domestic logistics business. The improvement in profitability and margins underlies the benefits of pricing discipline, cost recovery and process optimisation.
In Express Distribution, while growth moderated during this quarter, we adopted measures to improve customer engagement, service quality and network efficiency. Our goal now is to leverage this customer centric service delivery to drive volume growth while maintaining the pricing gains achieved over the past few quarters.
Nischal Shetty, Founder, WazirX
"Bitcoin's recovery above $80,000 reflects improving risk appetite, although sustained buying will determine whether the rally holds. Bitcoin traded near $80,680, gaining approximately 4.9% over 24 hours, while Ether rose 7.3% to around $2,429. Total crypto market capitalization reached $2.69 trillion, with a trading volume of $94.74 billion. The Fear and Greed Index stood at a neutral 43.
The recovery coincided with a strong session for US equities. The Dow gained 3.03%, the S&P 500 advanced 1.58% and the Nasdaq climbed 1.44%. The VIX fell more than 20% to 16.61, signalling an easing in demand for protection against market volatility.
Short covering amplified crypto's rebound. More than $415 million in liquidations was reported within an hour as Bitcoin reached $80,000, including approximately $330 million in short positions. Separately, the supplied 24-hour snapshot recorded $983.34 million in liquidations.
The reported Democratic sweep of Congress brings the pace of US crypto legislation into focus. Bitcoin's recovery suggests investors absorbed the immediate election uncertainty, although the policy outlook remains a factor for the industry. Futures volume increased 27%, against a 3% rise in open interest.
Institutional demand remains a watchpoint. Tuesday's reported outflows of $115.6 million from Bitcoin ETFs and $85.4 million from Ether ETFs indicate that the price recovery has yet to receive consistent support from that channel.
For Bitcoin, sustaining $80,000 and clearing $82,000 would strengthen the recovery case. The 76,000-78,000 area remains a downside reference zone, followed by $75,000."
