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Benchmarks end lower in passing week amid foreign outflows, weak global cues
Nov-07-2025

Indian equity benchmarks ended the holiday shortened week in red with cut of over 0.80% amid foreign fund outflows, mixed corporate earnings and cautious global cues. This was the second straight weekly losses for the markets. The cautiousness in the markets overshadowed optimism around expectations of progress in India-US trade talks.

Some of the major developments during the week are:

Gross GST collection increases 4.6% in October 2025: The government data showed that gross Goods and Services Tax (GST) collection increased 4.6% to about Rs 1.96 lakh crore in October 2025 as against Rs 1.87 lakh crore collections in October 2024, driven by festive buying spree despite a cut in GST rates. 

India’s manufacturing PMI accelerates in October: India's manufacturing industry exhibited more strength in October, buoyed by GST relief, productivity gains and tech investment. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index surged to 59.2 in October from 57.7 in September.

India’s services activity softens in October: Services sector activity softened in October but was well above neutral mark of 50.0, amid softer, although still substantial, expansions in services output. HSBC India Services PMI Business Activity Index slowed down to 58.9 in October from 60.9 in September. 

India's exports to US dip 37.5% in May-September 2025: The think tank GTRI has said that India's exports to the US have dipped 37.50% during May-September 2025 from $8.80 billion in May to $5.50 billion in September. Exports of pharmaceuticals, smartphones, metals and auto have declined during the period.

Auto retail sales witness rise in 42-day festive season: FADA has said that automobile retail sales across the domestic market witnessed a 21% Y-o-Y rise in 42-day festive season led by record registrations of passenger vehicles and two-wheelers aided by GST rejig enabled drop in prices across segments.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex slipped 722.43 points or 0.86% to 83,216.28 during the week ended November 07, 2025. The BSE Midcap index losses 276.20 points or 0.59% to 46,768.39, while Smallcap index slipped 823.98 points or 1.53% to 53,052.16. On the sectoral front, S&P BSE Power was down by 238.06 points or 3.44% to 6,687.59, S&P BSE Metal was down by 589.49 points or 1.68% to 34,539.25 and S&P BSE Information Technology was down by 585.99 points or 1.67% to 34,426.89 were the top losers, while S&P BSE Finance was up by 45.82 points or 0.35% to 13,005.97, S&P BSE BANKEX was up by 76.61 points or 0.12% to 65,012.66 and S&P BSE Oil & Gas was up by 12.93 points or 0.05% to 28,653.45 were the few gainers on the BSE.

NSE movement for the week

The Nifty slipped 229.80 points or 0.89% to 25,492.30. On the National Stock Exchange (NSE), Nifty IT was down by 594.75 points or 1.67% to 35,117.60 and Nifty Next 50 lost 458.60 points or 0.66% to 69,366.15, while Bank Nifty was up by 100.45 points or 0.17% to 57,876.80 and Nifty Mid Cap 100 increased 17.25 points or 0.03% to 59,843.15.

FII transactions during the week

Foreign Institutional Investors (FIIs) were net sellers in equity segment in the week, with gross purchases of Rs 55,449.80 crore and gross sales of Rs 68,018.46 crore, leading to a net outflow of Rs 12,568.66 crore. They also stood as net buyers in the debt segment with gross purchases of Rs 10,308.98 crore against gross sales of Rs 9,707.97 crore, resulting in a net inflow of Rs 601.01 crore. In hybrid segment, FIIs stood as net sellers, with gross purchases of Rs 92.43 crore and gross sales of Rs 98.25 crore, leading to a net outflow of Rs 5.82 crore.

Industry and Economy

Talking about progress on India-US negotiations on the pact, Commerce and Industry Minister Piyush Goyal has said India and the US are holding continuous discussions for the proposed bilateral trade agreement. He said ‘Talks are going well...and are continuously going on. There are many sensitive issues, many serious issues, so it is natural that it will take some time’. Five rounds of talks have been completed so far for the first phase of the bilateral trade agreement between the US and India. A team of Indian officials, headed by Commerce Secretary Rajesh Agrawal, was in Washington last month to hold trade talks with their US counterparts. The three-day talks ended on October 17.

Outlook for the coming week

Indian equity markets ended in red for yet another week as the seasonally adjusted HSBC India Services PMI Business Activity Index slowed down to 58.9 in October from 60.9 in September.

In the coming week, on the economy front, market-participants would be eyeing the data of India’s Consumer price index (CPI), which scheduled to be released on November 12. Investors will also be awaiting wholesale price index (WPI) data on November 14. On the same day, Bank Loan Growth data, Deposit Growth data and Foreign Exchange Reserves data are going to be out. 

Traders continue to keep eye on financial results of the companies next week including Bajaj Finance, ONGC, Bajaj Finserv, Biocon, Ashok Leyland, Asian Paints, Tata Steel, BPCL, NBCC, Marico, Oil India etc. 

On the global front, investors will be eyeing macro-economic reports from world’s largest economy, United States, starting with Redbook YoY on November 12 followed by CPI, Initial Jobless Claims on November 13, Fed Balance Sheet, Producer Prices Index, Baker Hughes Oil Rig Count on November 14.

Top Gainers 

  • Shriram Finance up by 10.58% was the top gainer on Nifty for the week - Shriram Finance traded higher on reporting 8.12% rise in consolidated net profit at Rs 2,314.17 crore for the quarter ended September 30, 2025 as compared to Rs 2,140.40 crore for the same quarter in the previous year. The consolidated total income increased by 18.07% at Rs 11,921.33 crore for Q2FY26 as compared to Rs 10,096.68 crore for Q2FY25. 
  • Mahindra & Mahindra (M&M) up by 5.37% was another top gainer on Nifty for the week - The shares of M&M surged after it reported 15.85% rise in consolidated net profit at Rs 3,673.32 crore for the quarter ended September 30, 2025 as compared to Rs 3,170.72 crore for the same quarter in the previous year. Separately, the company reported a 25.60% rise in its overall auto sales at 120,142 units for October 2025 as compared to 95,658 units in October 2024.

Top Losers 

  • Hindalco Industries down by 8.24% was the top loser of the week on Nifty - Hindalco traded lower after the company’s wholly owned subsidiary -- Novelis Inc. indicated that the hot mill in its Oswego plant expected to be operational in December 2025, following the fire incident on September 16. The incident is estimated to have a negative impact of around $550-650 million on free cash flow and around $100-150 million on adjusted EBITDA of Novelis.
  • Grasim Industries down by 7.65% was another top loser of the week on Nifty - Grasim witnessed selling pressure as investors booked profit after Q2 earnings result. The company reported 75.91% rise in its consolidated net profit at Rs 553.48 crore for Q2FY26 as compared to Rs 314.63 crore for the same quarter in the previous year. Meanwhile, Rakshit Hargave resigned as CEO of Grasim Industries' paints division, Birla Opus, effective November 1, 2025.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 25,953.75 on November 3 and lowest level of 25,318.45 on November 7. On the last trading day, the Nifty closed at 25,492.30 with weekly loss of 229.80 points or 0.89 percent. For the coming week, 25,222.58 followed by 24,952.87 are likely to be good support levels for the Nifty, while the index may face resistance at 25,857.88 and further at 26,223.47 levels.

US Market

The U.S. markets traded lower during the week amid renewed weakness among artificial intelligence-related stocks. Concerns about an AI bubble and the possibility of a near-term correction have weighed on investors' minds.

Some of the major developments during the week are:

U.S. manufacturing index unexpectedly edges lower in October: The Institute for Supply Management said its manufacturing PMI slipped to 48.7 in October after edging up to 49.1 in September, with a reading below 50 indicating contraction. 

Private sector in U.S. adds 42,000 jobs in October: ADP said private sector employment climbed by 42,000 jobs in October after slipping by a revised 29,000 jobs in September.

U.S. service sector activity returns to expansion in October: The ISM said its services PMI climbed to 52.4 in October after falling to 50.0 in September, with a reading above 50 indicating growth.

Treasury reveals details of long-term securities auctions: The Treasury announced plans to sell $58 billion worth of three-year notes, $42 billion worth of ten-year notes and $25 billion worth of thirty-year bonds.

ISM says employment index inches up in October: The ISM said the employment index inched up to 46.0 in October from 45.3 in September, although the reading below 50 still indicates a decrease in employment in the manufacturing sector.

European Market

European markets remained lackluster during the passing week, as investors reacted to a slew of earnings announcements and economic data, in addition to digesting the Bank of England's interest rate decision.

Some of the major developments during the week are:

Bank of England holds rate steady at 4% in tight vote: The Monetary Policy Committee, led by Governor Andrew Bailey, voted 5-4 to retain the bank rate at 4.00 percent.

Eurozone retail sales unexpectedly fall 0.1%: The data published by Eurostat showed that retail sales logged a decline of 0.1 percent on a monthly basis in September, the same as in August. 

Spain industrial output growth eases in September: The statistical office INE said that industrial production registered an annual growth of 1.7 percent, weaker than the 3.3 percent rise in August. 

Eurozone private sector expands most since early 2023: The final survey data from S&P Global showed that the HCOB final composite output index improved to 52.5 in October from 51.2 in September. 

Eurozone manufacturing sector stagnates in October: The final Purchasing Managers' Index posted 50.0 in October, signalling no change in the operating conditions in the manufacturing sector.

Asian Market

Asian markets traded mostly in green during the passing week as solid U.S. private sector employment and services sector activity data helped to calm investor’s worries about stretched valuations.

Some of the major developments during the week are:

Japan household spending rises in September: The average of household spending in Japan was up 1.8% on year in September- coming in at 303,214 yen. That missed expectations for an increase of 2.5% and was down from 1.3% in August.

Japan services PMI eases to 53.1 in October: The services sector in Japan continued to expand in October, albeit at a slightly slower pace, with a services PMI score of 53.1. That's down from 53.3 in September.

Japan monetary base drops in October: The monetary base in Japan tumbled 7.9% on year in October- coming in at 616.598 trillion yen. That was well shy of expectations for a decline of 4.8% following the 6.1% drop in September.

China services activity expands: China's service sector continued to grow in October as new business growth accelerated. The RatingDog China General Services PMI stood at 52.6 in October, above market expectations of 52.5.

China's exports fall 1.1% in October: China's exports fell 1.1 percent year-on-year in October, marking the first drop in shipments since February following an 8.3 percent increase in September.
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