Domestic markets are likely to open on a cautious note and may remain lacklustre ahead of a public holiday on Wednesday. With the second quarter results season near its end, analysts said the focus will be on macro numbers. Markets are closed on Wednesday for Guru Nanak Jayanthi.

Emkay Global Research in a note said: The b road macro indicators reinforce our optimism around a cyclical recovery starting H2FY26, led by discretionary consumption. Strong festive season sales in key categories such as autos (eg, 2W sales +27% YoY over Sep to Oct-25) are reinforced by secondary data like an acceleration in credit growth to 11.5% and a 27% YoY growth in credit card spends in Sep-25.

Gift Nifty at 25,892 indicates a flattish opening.

The Morning Market Outlook by Ponmudi R, CEO of Enrich Money

See Full Page