Economy and regulatory updates
- India’s infrastructure output rose 3% in September compared with the upwardly revised 6.5% increase in August, according to data released by the Ministry of Commerce and Industry.
- India and the United Kingdom (UK) launched a research fellowship programme to foster collaboration between young scientists of both countries.
- The Ministry of Coal broadened the definition of “indigenous technology” under its financial support scheme for coal and lignite gasification projects.
- The Ministry of Mines amended the Mineral (Auction) Rules, 2015, to introduce intermediary timelines for post-auction activities to ensure faster operationalisation of auctioned mineral blocks.
- The Central Drugs Standard Control Organisation released a draft guidance document on granting licences to manufacture or import medical device software for sale and distribution in the country. The move aims to align India’s regulatory framework for medical device software with globally harmonised practices.
- The Reserve Bank of India (RBI) said it is reviewing frictions impacting timely credit of inward cross-border remittances to beneficiary accounts so as to enhance the efficiency in the cross-border payments ecosystem.
- According to the RBI’s monthly ‘State of the Economy’ report, the weighted average call rate showed better alignment with the policy repo rate from September 16 to October 16 compared with the previous month.
- According to a research paper in the RBI’s bulletin, corporate profits climbed to Rs 7.1 lakh crore in fiscal 2025 from Rs 2.5 lakh crore in fiscal 2021 as post-pandemic pent-up demand drove growth in sales.
- The Securities and Exchange Board of India (SEBI) proposed amendments to the Listing Obligations and Disclosure Requirements Regulations, 2015, to facilitate the transfer and dematerialisation of securities executed before April 1, 2019.
- SEBI proposed a standardised process for opening mutual fund folios and executing the first investment, aimed at addressing persistent ‘know your client’ compliance and transaction hurdles faced by investors and asset management companies.
Domestic macroeconomic indicators
Source: MOSPI, RBI
Indian debt market update
- The interbank call money rate ended higher at 5.72% on October 24 compared with 5.50% on October 17.
- Government bond prices closed lower in the holiday-shortened week ended October 24. The yield on the 10-year benchmark 6.33% 2035 paper closed at 6.54% on October 24 compared with 6.51% on October 17.
- Bond prices declined because of the tight banking system liquidity and hopes of an India-US trade deal.
- Meanwhile, thin trading volumes encouraged short sellers, while investors largely stayed away owing to interest rate uncertainty.
Indian debt market indicators
Source: CRISIL Fixed Income Database, RBI *Weighted Average Yield ^ Data as of 17th October 2025 vs 10th October 2025 vs 12th September 2025 respectively
India yield curve shift (%) (W-o-W)*
Source: CRISIL Fixed Income Database; *Weighted Average Yield
Indian equity market updates
- Indian equities ended higher in the holiday-shortened week, supported by strong quarterly earnings, steady foreign fund inflows and easing trade uncertainties between the US and China. However, there were some losses owing to profit booking. BSE Sensex and Nifty 50 rose 0.31% and 0.33%, respectively.
- Almost all major sectors ended higher, with information technology (IT), metal, and oil and gas gaining the most. BSE IT, BSE Metal and BSE Oil & Gas rose 3.16%, 1.47% and 0.91%, respectively.
- The domestic market sold Rs 128 crores worth of equities on October 24, 2025, compared with Rs 1,552 crores worth of equities on October 17, 2025.
- Foreign institutional investors sold equities worth Rs 1508 crore on October 23, 2025, compared with buying of Rs 604 crores on October 17, 2025.
Indian equity Indices
Source: BSE, NSE
Source: SEBI, NSE
Global Equity market summary
- US stocks rose during the week, driven by strong earnings reports and a potential easing of trade uncertainties. The market received a boost from robust quarterly results from regional banks, which eased concerns about credit risks and lifted investor confidence. However, some losses were incurred owing to ongoing concerns over trade, the government shutdown and mixed results from technology companies.
- Britain’s FTSE index rose during the week, buoyed by a surge in defence, mining and technology stocks. Additionally, a rise in oil prices and positive earnings results from blue-chip firms elevated the market.
- Asian equities ended the week higher. Japan’s Nikkei index rose on optimism over the new government’s fiscal stimulus plans.
- However, there were a few losses owing to profit booking at a higher level.
- Hong Kong’s Hang Seng Index ended higher during the week, driven by easing US-China trade uncertainties, steady Chinese economic data and a pledge by China to boost its domestic market and achieve technological self-reliance.
- China’s Shanghai Composite Index closed higher during this week owing to signs of easing trade uncertainties and upbeat corporate earnings.
- The focus on technology and security as well as a positive outlook for the region’s economy further boosted investor sentiment. However, there were a few losses owing to lingering trade uncertainties between the US and China.
Global equity benchmark indices’ returns
Source: Websites of respective stock exchanges; *Data as on 23rd October
Global Yield
- US treasury prices were mostly flat as investors remained on edge because of the developments around trade talks between the US and China.
- Bond prices were almost flat as investors weighed the state of the US economy and as the government shutdown approached its fourth week. The shutdown has stopped the release of economic data, including regular reports such as weekly initial claims for unemployment insurance.
- The yield on the 10-year benchmark Treasury bond ended at 4.01% on October 23 compared with 4.02% on October 17.
Major global bond yields
Source: Financial Websites *As of 23rd October
Commodities and Currency
- Crude oil prices rose during the week on supply concerns after fresh US sanctions on Russia’s two biggest oil companies over geopolitical uncertainties.
- Gold prices ended lower this week owing to a higher level of profit booking.
- The rupee closed higher against the US dollar this week, boosted by steady foreign fund inflows and easing crude oil prices. However, there were a few losses owing to intermittent dollar demand from importers.
Commodity prices
*Data as on 23rd October, 2025 Source: Respective commodity exchanges, ibjarates.com
Other currencies vs the rupee
Source: Financial Websites
Global Economic
- US annual inflation rate rose to 3% in September 2025, compared to 2.9% in August 2025.
- Eurozone annual consumer price inflation was confirmed at 2.2% year-on-year in September 2025, compared to 2.0% in August 2025.
- UK annual inflation rate remained steady at 3.8% in September 2025, unchanged compared to the previous two months while the annual core inflation rate edged lower to 3.5% in September 2025 compared 3.6% in August 2025.
- UK GfK Consumer Confidence Index to -17 in October 2025 from -19 in September 2025.
- The People’s Bank of China (PBoC) kept key lending rates at record lows for a fifth consecutive month in October 2025. The one-year Loan Prime Rate (LPR), the benchmark for most corporate and household borrowing, remained at 3.0%, while the five-year LPR, which anchors mortgage rates, held at 3.5%.
- The Chinese economy expanded 4.8% on-year in the third quarter 2025, compared to 5.2% in the second quarter.
- China industrial production expanded by 6.5% year-on-year in September 2025, compared to 5.2%.
- Japan’s annual inflation rate rose to 2.9% in September 2025 from August’s 10-month low of 2.7% while core inflation climbed 2.9% from 2.7%
- Japan S&P Global flash Manufacturing PMI declined to 48.3 in October 2025, from September’s six-month low of 48.5 while Services PMI fell to 52.4 from 53.3 and composite PMI eased to 50.9 from 51.3.
Macro indicators
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