In this week's episode of The Week That Was, we break down key global and domestic market developments:

• Global Markets: The US Fed held rates at 3.75–4%, with two members favouring a hike, while the ECB and Bank of Japan also kept rates unchanged. US GDP grew an annualised 3.4% in Q3, oil hovered around $118/bbl after a tanker attack in the Strait of Hormuz, and the US midterm elections are now in focus.
• India Macro & Economic Data: Industrial production grew 6.7% YoY in September, below expectations, while the fiscal deficit for April–September reached 42.1% of the full-year target. Forex reserves fell for to around $720bn.
• Domestic Equities & Sectors: The Nifty and Sensex rose about 2% and 1.8%, helped by lower US yields after the Fed's decision, while midcaps and smallcaps gained 2.7% and 4.1%. Every sector ended higher, with Pharma leading on strong quarterly results.

Speaker:

Michelle Castellino

Investment Strategist

In this week's episode of The Week That Was, we break down key global and domestic market developments:

• Global Markets: Oil jumped about 6% to around $117/bbl as the Houthis launched fresh attacks on Saudi energy targets and President Trump hinted at restarting strikes on Iran after the US midterms. China's Q3 growth beat estimates at 4.5%, while investor confidence in Germany and the Euro area fell more than expected.
• India Macro & Economic Data: Minutes of the RBI's October meeting flagged broadening inflation pressures, with future policy action limited to a hike or a pause. Core industries grew 7.9% YoY in September, while the trade deficit widened to about $30.2bn.
• Domestic Equities & Sectors: The Nifty and Sensex fell about 2.4% and 2.1%, while midcaps and smallcaps dropped about 5.6% and 7.3%. Capital Goods, Utilities and Metals led the declines, and IT was the only sector to close higher.

Speaker:

Michelle Castellino

Investment Strategist

Tune in to listen to our latest outlook on fixed income and the INR, in light of the RBI's currency measures and the October'26 Monetary Policy Committee outcomes.

Speaker:

Shaily Gang

Chief Investment Strategist