India’s Quick Commerce Race Gets Tougher as Discounts Rise and Margins Shrink

Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at:

Good morning, this is Alex Gabriel Simon, an equities reporter in Mumbai. November is proving tough for Indian equities, with key benchmarks on track for a second straight week of losses. The downbeat mood mirrors weakness across Asia, as regional markets track overnight declines on Wall Street, where stocks slumped amid worries over stretched AI valuations and a cooling labor market. The pullback in Indian shares follows last month’s rally that brought the Nifty index within a whisker of its record high from September last year. With the earnings season drawing to a close, traders are now watching for a thaw in India—US relations after President Donald Trump said he would visit India at the urging of Prime Minister Narendra Modi.