Economy and regulatory updates
- India HSBC Services PMI eased to 58.9 in October 2025, compared with 60.9 in September 2025 while the HSBC Composite PMI came in at 60.4 against 61.0.
- The United States and India have signed a 10-year defence framework to strengthen coordination, information sharing, and technology cooperation.
- Prime Minister Narendra Modi has launched a significant Rs 1 lakh crore Research, Development and Innovation Fund.
- The government launched the third round of Production Linked Incentive (PLI) Scheme for specialty steel to attract investment in the sector, as part of its objective to boost domestic output and reduce imports.
- The central government provides assistance of up to Rs 1.05 crore -- 30% of the cost -- for the installation in Component C.
- The Central Board of Indirect Taxes and Customs (CBIC) has issued detailed regulations allowing importers and exporters to voluntarily correct entries in bills of entry or shipping bills after clearance of goods, marking a major procedural reform aimed at transparency and self-compliance.
- The Kerala government has ordered an increase in Dearness Allowance for teaching staff and Dearness Relief for pensioners.
- The Securities and Exchange Board of India (SEBI) plans to update stockbroker regulations by December 2025 to enhance risk management and data protection.
- He said the rise of algorithmic and high-frequency trading brings efficiency but also demands robust risk controls, real-time monitoring and compliance safeguards.
- SEBI chairman Tuhin Kanta Pandey expressed his displeasure over repeated instances of breakdowns at exchanges.
- Sebi has amended rules revamping the share-allocation framework for anchor investors in maiden public offerings, a move aimed at broadening the participation of domestic institutional investors such as mutual funds, insurance companies and pension funds.
Domestic macroeconomic indicators
Indian debt market update
- The interbank call money rate ended higher at 5.40% on November 7 compared with 5.10% on October 31.
- Government bond prices ended higher in the week ended November 7 and the yield on the 10-year benchmark 6.33% 2035 paper closed at 6.51% on November 7 compared with 6.53% on October 31.
- Bond prices rose as heavy purchases over the last two sessions, which traders believe were by the central bank, lifted sentiment and raised hopes that the Reserve Bank of India will conduct open market bond purchases soon.
- Bond prices traded in a narrow range with the weekly auction adding to the debt supply in a market already short of buyers.
- In the weekly debt sale held on November 07, the RBI auctioned 6.48% Government Security (GS) 2035 for a total notified amount of Rs 32,000 crore.
Indian debt market indicators
India yield curve shift (%) (W-o-W)*
Indian equity market updates
- Indian equities ended lower this week, dragged down by profit booking, weak global cues, foreign fund outflows and cautious sentiment after the US Federal Reserve officials signaled a pause on rate cuts. However, optimism over corporate earnings and Indo–US trade talks limited the losses. BSE Sensex and Nifty 50 fell 0.86% and 0.89%, respectively.
- Almost all the major sectors ended lower with Power, Metal and Information Technology (IT), losing the most. BSE Power, BSE Metal and BSE IT fell 3.44%, 1.68%, and 1.67%, respectively.
- The domestic market bought Rs 6,135 crores worth of equities on November 7, 2025, compared with buying of Rs 6,889 crores worth of equities on October 31, 2025.
- Foreign institutional investors sold equities worth Rs 3,606 crore on November 6, 2025, compared with selling of Rs 6,728 crores on October 31, 2025.
Indian equity Indices
Global Equity market summary
- US stocks declined due to warnings of a potential drawdown, losses in technology and consumer discretionary shares, and cautious investor sentiment. Additionally, the British pound firming after the Bank of England opted against an interest rate cut and the US Fed's hawkish tone impacted investor sentiment. The government shutdown and mixed tech results also led to losses during the week.
- However, some gains were seen earlier due to renewed optimism on rate cuts by the Fed.
- Britain's FTSE index rose due to improved global sentiment and Strong performances in healthcare stocks.
- However, some losses were seen after the Bank of England kept interest rates steady and investors digested a flurry of corporate earnings.
- Asian equities ended the week mixed. Japan's Nikkei index ended lower this week, driven by concerns over high valuations and decline in technology stocks.
- However, some gains were witnessed due to rise in chip stocks after strong earnings boosted AI-related optimism.
- Hong Kong's Hang Seng Index ended higher, driven by China's assurances that export control over rare earth metals would be eased and on optimism in technology stocks.
- However, some losses were seen after China's exports slipped unexpectedly and signs of a softening US jobs market emerged.
- China's Shanghai Composite Index closed higher, buoyed by optimism over tech self-sufficiency and gains in semiconductor and artificial intelligence-related shares.
- However, there were some losses due to profit booking at a higher level.
Global equity benchmark indices’ returns
Global Yield
- US treasury prices were flat this week owing to prolonged government shutdown, mixed set of economic data and labour market concerns.
- Bond prices began the week on a flat note due to the government shutdown in the US, which has reached 34 days and delayed the release of key economic reports, including the JOLTS report and the jobs report for October, making it tough for investors to assess economic conditions.
- Prices rose as investors weighed the state of the economy and looked ahead to a speech by the Federal Reserve Vice Chair for Supervision Michelle Bowman. Signs of weakness in the labour market, including a massive gain in job cuts in October, with 153,074 layoffs announced, according to Challenger, Gray & Christmas also kept bond prices up.
- However, few loses were seen following the release of strong US data, including the Institute for Supply Management's services index, which moved up to 52.4% from 50% in September, and ADP's October survey of private sector payrolls, which showed an increase of 42,000, above the expected gain of 22,000.
- The yield on the 10-year benchmark Treasury bond ended at 4.11% on November 6, unchanged from October 31.
Major global bond yields
Commodities and Currency
- Crude oil prices fell during the week, pressured by a stronger dollar and concerns of a global supply glut.
- Gold prices ended lower this week due to profit booking at a higher level and a stronger dollar index amid US shutdown.
- The rupee closed higher against the US dollar this week, supported by sustained RBI intervention and strength in Asian currencies, despite pressure from a stronger dollar index.
Commodity prices
Other currencies vs the rupee
Global Economic
- US S&P Global Manufacturing PMI rose to 52.5 in October 2025, up from 52.0 in September. US S&P Global US Services PMI inched higher to 54.8 in October 2024 compared to 54.2 in September 2025 while the S&P Global Composite PMI rose to 54.6 from 53.9.
- The US economy added 42,000 jobs in October 2025, compared to an upwardly revised 29,000 jobs cut in September 2025.
- Eurozone consumer price inflation eased to 2.1% in October 2025, compared to 2.2% in September 2025 while the annual core inflation rate was at 2.4% unchanged from the previous month.
- The Bank of England’s MPC voted 5–4 to keep the Bank Rate at 4% in its November meeting where four members preferred a 25-bps cut to 3.75%, reflecting growing support for easing.
- China RatingDog General Manufacturing PMI declined to 50.6 in October 2025, down from September 2025 six-month high of 51.2
- China RatingDog General Services PMI contracted to 52.6 in October 2025 compared to 52.9 in September 2025 while the RatingDog General Composite PMI fell to 51.8 from 52.5.
- Japan S&P Global Manufacturing PMI edged down to 48.2 in October 2025, compared to 48.5 in September 2025.
Macro indicators
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