Mumbai, Nov 22: Indian equity benchmarks made marginal gains for the second week, supported by stronger second quarter (Q2) earnings, easing inflation and optimism around the India-US trade negotiations.

Benchmark indices Nifty and Sensex edged higher 0.68 and 0.50 per cent during the week to close at 26,068 and 85,231, respectively.

Analysts said that a moderation in FII selling due to expectations of earnings upgrades in H2 FY26 also supported the rally. However, markets turned volatile on Friday amid weak global cues. The Nifty fell after failing to cross its previous all-time highs of 26,277, ending its two-day advance.

Broader indices underperformed, with the Nifty Midcap100 and Smallcap100 ending the week down 0.76 per cent and 2.2 per cent, respectively.

Though IT stocks faced selling pressure due to weakness in the US tech shares, it was the biggest weekly gainer. Nifty Auto and Services followed as the secoral gainers during the week. On Friday, metals and realty were the worst hit, both dropping over 2 per cent, followed by PSU banks, financial services and media.

A better-than-expected non-farm payroll dimmed hopes of a US Federal Reserve rate cut in December putting pressure on global equities. Resultantly gold also witnessed selling pressure while INR declined to a new low.

The oil prices declined due to the US’s renewed push for a Russia-Ukraine peace proposal.

“The market may witness some profit booking in the near term if the pressure on Indian rupee persists. In the week ahead, investors will also have a close vigil on trade developments and economic data like IIP and Q2 FY26 GDP data to get the market direction,” said Vinod Nair, Head of Research, Geojit Investments Limited.

Analysts said that they expect markets to remain firm next week supported by buying on dips, improving demand outlook in Q3 and resilient flows.

New Delhi, Nov 21: Prime Minister Narendra Modi on Friday said the government has given effect to the Four Labour Codes, which are one of the most comprehensive and progressive labour-oriented reforms since Independence.

“It greatly empowers our workers. It also significantly simplifies compliance and promotes Ease of Doing Business,” the Prime Minister remarked.

He said that these Codes will serve as a strong foundation for universal social security, minimum and timely payment of wages, safe workplaces and remunerative opportunities for our people, especially ‘Nari Shakti and Yuva Shakti’.

“It will build a future-ready ecosystem that protects the rights of workers and strengthens India’s economic growth. These reforms will boost job creation, drive productivity and accelerate our journey towards a Viksit Bharat,” he added.

The four labour codes include the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, with effect from November 21, rationalising 29 existing labour laws.

With the implementation of the Labour Codes, it has now become mandatory for employers to issue appointment letters to all workers, which provides written proof to ensure transparency, job security, and fixed employment. Earlier, no mandatory appointment letters were required.

Under Code on Social Security, 2020, all workers, including gig and platform workers, will get social security coverage. All workers will get PF, ESIC, insurance, and other social security benefits. Earlier, there was only limited security coverage.

Under the Code on Wages, 2019, all workers will receive a statutory right minimum wage payment which wages and timely payment will ensure financial security. Earlier, minimum wages applied only to scheduled industries or employments; large sections of workers remained uncovered.

The Labour codes also ensure that employers must provide all workers above the age of 40 years with a free annual health check-up and promote a timely preventive healthcare culture. Earlier, there was no legal requirement for employers to provide free annual health check-ups to workers.

The codes also make it mandatory for employers to provide timely wages, to ensure financial stability, reducing work stress and boosting the overall morale of the workers. Earlier, there was no mandatory compliance for employers’ payment of wages.

The new law permits women to work at night and in all types of work across all establishments, subject to their consent and required safety measures. Women will also get equal opportunities to earn higher incomes in high-paying job roles. Earlier, women’s employment in night shifts and certain occupations was restricted.

The new codes also extend ESIC coverage and benefits pan-India – voluntary for establishments with fewer than 10 employees, and mandatory for establishments with even one employee engaged in hazardous processes.

Social protection coverage will be expanded to all workers. Earlier, ESIC coverage was limited to notified areas and specific industries; establishments with fewer than 10 employees were generally excluded, and hazardous-process units did not have uniform mandatory ESIC coverage across India.

The codes also ease the compliance burden for workers by providing for single registration, a PAN-India single license and a single return. Earlier, multiple registrations, licenses and returns across various labour laws were required.

Mumbai, Nov 21: Indian benchmark indices opened in mild red zone on Friday, amid negative global cues and fading investor hopes of a US Fed rate cut in December.

As of 9.25 am, Sensex declined 80 points, or 0.09 per cent at 85,551 and Nifty dipped 15 points, or 0.05 per cent to 25,860.

The broadcap indices performed in line with the benchmarks, with the Nifty Midcap 100 down 0.30 per cent and the Nifty Smallcap 100 dipped 0.34 per cent.

TCS, Asian Paints and NTPC were among the major gainers in the Nifty Pack, while losers included Hindalco, Shriram Finance, Tata Steel and ICICI Bank.

All the sectoral indices on NSE were trading in red except Nifty Auto (up 0.30 per cent). Nifty Metal down 0.79 per cent was the biggest loser.

Analysts said that India will gain if the AI trade slows down and capital begins to shift into non-AI stocks in emerging markets.

All of the major Asia-Pacific markets fell in early trading sessions after US AI and tech stocks shed value and investors lost hopes of a December rate cut by the Federal Reserve.

The volatility of the market has increased evident by Nasdaq, the barometer of AI trading, ending the day down 2.15 per cent, crashing 4.4 per cent from the intraday peak.

“This type of market movement indicates that there will be more volatility in the future. AI stock prices may see fresh buying at lower valuations. We will need to wait and observe the course of this unstable period,” an analyst said.

The US markets ended in the red zone overnight, as Nasdaq slipped 2.16 per cent, the S&P 500 dropped 1.56 per cent, and the Dow declined 0.84 per cent.

In Asian markets, China’s Shanghai index dipped 1.71 per cent, and Shenzhen dipped 2.52 per cent, Japan’s Nikkei dipped 2.31 per cent, while Hong Kong’s Hang Seng Index declined 2.17 per cent. South Korea’s Kospi dropped 3.94 per cent.

On Thursday, foreign institutional investors (FIIs) sold equities worth Rs 284 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 824 crore.