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

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

• Global Markets: Oil rose about 2.4% to around $105/bbl as Iran stepped up attacks on tankers around the Strait of Hormuz, while euro area inflation climbed to 3.8%, its fastest pace since September 2023. The Houthi attack on Saudi Arabia over the weekend added fresh uncertainty.
• India Macro & Economic Data: The RBI raised the repo rate by 25bps to 5.50%, its first hike since February 2023, shifted to a calibrated tightening stance and announced new measures to support the rupee. September CPI inflation rose to 5.54% from 4.83%, with food inflation at 7.74%.
• Domestic Equities & Sectors: The Nifty and Sensex snapped an eight-week losing streak, rising 0.4% and 0.8%. Telecom and FMCG led the gains, while Metals and Realty were the biggest laggards as higher rates weighed on sentiment.

Speaker:

Michelle Castellino

Investment Strategist

Tune in to understand why we are still overweight India equity markets despite the recent macro headwinds and broader market weakness.

Speaker:

Shaily Gang

Chief Investment Strategist

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

• Global Markets: The US 10-year Treasury yield stayed elevated near 5.27%, close to its highest level in nearly two decades, even as oil prices eased to around $102/bbl after crude exports from the Middle East improved and the G7 agreed to release 100 million barrels from emergency reserves; US jobs data came in soft, with September payrolls at just 29,000 and August revised down to 133,000.
• India Macro & Economic Data: India's Manufacturing PMI jumped to a seven-month high of 55.1 in September, GST collections grew 14.7% YoY, and industrial production rose 8% YoY in August, even as the fiscal deficit widened to about 42% of the full-year budget estimate.
• Domestic Equities & Sectors: The Nifty and Sensex declined as the global bond selloff and elevated crude pressured sentiment and FIIs stepped up outflows; Auto led sector declines on weak September sales, while IT was the lone gainer.

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: The US 10-year Treasury yield climbed above 5.2%, its highest since June 2007, as resilient US data and elevated oil prices kept pressure on rates; crude oil surged toward $107/bbl after a deadlock in US-Iran talks stoked fears of disruption through the Strait of Hormuz.
• India Macro & Economic Data: India's Index of Core Industries grew 4.8% YoY in August, while the crude oil import bill surged nearly 48% YoY to almost $75 billion on elevated global prices; the ADB raised India's FY27 growth forecast to 7.0% from 6.6%, citing strong public investment, resilient services and robust electronics exports.
• Domestic Equities & Sectors: The Nifty and Sensex fell to near six-month lows on the oil spike and global yield pressures, even as FIIs stayed net buyers; Banks and Energy led the declines while Metals was the only sector to close higher.

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: The Fed raised rates 25bp to 3.75-4.00% — its first hike since 2023 — while the BoJ hiked to a three-decade high of 1.25% and the BoE held steady, marking the first time on record that the Fed, ECB and BoJ all hiked within the same month.
• India Macro & Economic Data: Retail inflation rose to 4.82% and the trade deficit narrowed on strong export growth, while the RBI conducted its first net open-market bond sale since 2017 to drain surplus liquidity built up from record FCNR(B) inflows.
• Domestic Equities & Sectors: The Nifty and Sensex fell on crude and global yield pressures, with Telecom being the weakest performer, Banks, Realty and Auto also pressured by rising rates, while FMCG and Pharma led gains as defensive plays.

Speaker:

Michelle Castellino

Investment Strategist