Indian shares go into November on a firmer footing after a week of gains, even as high oil prices and global political risks keep traders cautious. The recovery was led by renewed foreign buying, easing bond yields and encouraging company results, according to market reports published on 31 October.

On Friday 30 October, the Nifty 50 closed 116.35 points higher, up 0.51 per cent, at 23,053.10. The Sensex gained 308.49 points, up 0.42 per cent, to 74,459.53. For the week as a whole, the Nifty rose about 2 per cent and the Sensex about 1.83 per cent, while the Nifty Midcap 100 added 2.69 per cent and the Smallcap 100 advanced 4 per cent.

Seven cues traders will watch next week

Crude oil heads the watchlist. Brent ended the week near $117 a barrel, a concern for India, which imports most of its oil. Investors will watch the OPEC+ meeting on Sunday 1 November for any signal on production and supply. India's final manufacturing purchasing managers' index for October is due on Monday 2 November, followed by services and composite data on Wednesday 4 November. Flash readings put manufacturing at 54.9, services at 56.2 and the composite at 56.7.

Politics and American data complete the picture. The United States holds midterm elections on Tuesday 3 November, and its October jobs report follows on Friday 6 November. Both could move global markets, the dollar and oil. For Indian investors, the message is familiar: a stronger week does not remove the risks, and the next few sessions are likely to be driven more by oil, elections and economic data than by domestic earnings alone.