Economy and regulatory updates
- The unemployment rate fell to 5.2% in the July-September quarter from 5.4% in the previous three months.
- Inflation based on the Consumer Price Index eased to 0.25% in October 2025 compared with downwardly revised 1.44% in September 2025.
- Inflation based on the Wholesale Price Index (WPI) fell to -1.21% in October 2025 from 0.13% in September and 2.75% in October 2024.
- Moody’s Ratings has projected the Indian economy to grow at ~6.5% through 2027.
- India and Vietnam inked a pact to establish a framework for submarine search, rescue, and support mechanism in case of any eventualities.
- India imposed a five-year anti-dumping duty on hot-rolled flat products of alloy or non-alloy steel from Vietnam to protect domestic producers from unfairly priced inputs.
- India’s net direct tax collection rose 7% YoY to over Rs 12.92 trillion between April 1 and November 10, supported by higher corporate receipts and a drop in refund payouts.
- The Ministry of Consumer Affairs proposed making it mandatory for e-commerce platforms to provide searchable and sortable filters based on the country of origin for packaged commodities, a move aimed at enhancing transparency in digital marketplaces.
- The government approved a Rs 45,000 crore package to support exports suffering under the steep 50% US tariffs and weak global trade conditions.
- The Reserve Bank of India (RBI)-mandated transition to the ‘.bank.in’ domain marks a significant step towards safer and more authentic online banking experiences.
- The RBI recognised the Self-Regulated PSO Association (SRPA) as a regulatory body for the payment system operators (PSO) sector.
- The RBI has also created a public platform called Sachet to help people verify the legitimacy of financial schemes and report un-authorised deposit-taking activities.
- A high-level committee appointed by the Securities and Exchange Board of India (SEBI) has proposed a far-reaching revamp of conflict-of-interest and disclosure norms across the regulator’s hierarchy.
- The SEBI has cautioned investors against purchasing digital gold, stating that such investments differ from SEBI-regulated gold products and may expose investors to operational risks.
Domestic macroeconomic indicators
Indian debt market update
- The interbank call money rate ended higher at 5.45% on November 14 compared with 5.40% on November 7.
- Government bond prices ended lower in the week ended November 14 and the yield on the 10-year benchmark 6.33% 2035 paper closed at 6.53% on November 14 compared with 6.51% on November 7.
- Bond prices declined due to fall in suspected RBI purchases, along with a higher-than-expected October core inflation. Prices also weakened as investors remained cautious about the potential US-India trade deal, which could influence the RBI’s policy rate decision. A further decline was seen owing to increased supply in weekly debt auction.
- In the weekly debt sale held on November 14, the RBI auctioned 6.68% Government Security (GS) 2040 and 6.90% GS 2065 for a total notified amount of Rs 28,000 crore.
Indian debt market indicators
India yield curve shift (%) (W-o-W)*
Indian equity market updates
- Indian equity ended higher this week, supported by optimism over a US shutdown resolution, progress on a potential US–India trade deal, solid earnings and easing inflation for October. However, a caution persisted around key state election outcomes. The BSE Sensex and Nifty 50 rose 1.62% and 1.64%, respectively.
- Almost all the major sectors ended higher, with Consumer Durables (CD), Information Technology (IT) and Capital Goods (CG), gaining the most. The BSE CD, BSE IT and BSE CG rose 3.88%, 2.87%, and 2.03%, respectively.
- The domestic market bought Rs 8,159 crores worth of equities on November 14, 2025, compared with buying of Rs 6,135 crores worth of equities on November 7, 2025.
- Foreign institutional investors sold equities worth Rs 259 crore on November 13, 2025, compared with buying of Rs 5,148 crores on November 7, 2025.
Indian equity Indices
Global Equity market summary
- US stocks declined during the week as the government reopened, introducing fresh uncertainty and concerns about missing inflation and jobs reports. Additionally, investors rotated out of pricey technology stocks owing to concerns about elevated valuations, contributing to the decline.
- However, earlier in the week, markets witnessed few gains amid optimism about the potential end to the US government shutdown.
- Britain's FTSE Index declined during the week primarily due to disappointing third-quarter economic growth data, which weighed down financial shares.
- However, earlier in the week, signs of a potential end to the US government shutdown, hopes of rate cut by the Bank of England triggered by weak UK jobs data caused market gains.
- Asian equities ended the week mixed. Japan's Nikkei index ended lower owing to profit booking after the market rallied on upbeat corporate earnings and optimism over an end to the US government shutdown.
- A sharp sell-off in tech stocks also exerted additional pressure on the market.
- Hong Kong's Hang Seng Index ended higher during the week, buoyed by optimism following China’s positive consumer prices and easing deflationary concerns. Hopes of an end to the US government shutdown and expectations of rate cuts by the Fed also supported the rally.
- However, some weaknesses were seen owing to dismal economic data from China, uncertainty over an interest-rate cut in the US and elevated valuations in artificial intelligence companies.
- China's Shanghai Composite Index closed lower during the week owing to sluggish Chinese economic data, and another tech-sector sell-off on Wall Street that sparked fresh losses
Global equity benchmark indices’ returns
Global Yield
- US treasury prices were flat during this week as earlier gains buoyed by optimism over end of government shutdown were cut short by concerns over delayed releases of key economic data, including the CPI, Producer Price Index and nonfarm payroll reports.
- Bond prices witnessed some gains as investors assessed the state of the US economy after the shutdown, with key economic reports still pending release owing to the shutdown.
- The yield on the 10-year benchmark Treasury bond ended at 4.11% on November 13 unchanged from November 7.
Major global bond yields
Commodities and Currency
- Crude oil prices fell during the week on the NYMEX after an OPEC+ report forecasted a supply-demand balance by 2026.
- Gold prices ended higher this week due to safe-haven demand amid US Federal Reserve (Fed) rate cut concerns and China’s continued gold buying.
- The rupee closed lower against the US dollar this week, weighed down by a stronger dollar index, foreign fund outflows and caution surrounding US-India trade negotiations. However, RBI intervention provided some relief.
Commodity prices
Other currencies vs the rupee
Global Economic
- Eurozone industrial production rose 1.2% year-over-year in September 2025, the same pace as in the previous month.
- The Eurozone economy expanded 1.4% in the third quarter of 2025 compared to 1.5% in the second quarter.
- The UK economy expanded 1.3% year-on-year in Q3 2025, compared to 1.4% in Q2 2025.
- UK Industrial production fell 2.5% year-on-year in September 2025, compared to a revised 0.5% decline in August 2025 while the manufacturing production declined by 2.2% from a revised 0.7% fall.
- UK unemployment rate increased to 5.0% in September quarter of 2025, the highest level since the three months to May 2021 and 4.8% in pervious quarter.
- UK retail sales rose 1.5% year-on-year on a like-for-like basis in October 2025, easing from 2% in September.
- China consumer inflation rate rose 0.2% in October 2025, compared to a 0.3% decline in September 2025.
- China producer prices declined 2.1% in October 2025, compared to a 2.3% drop in September 2025.
Macro indicators
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