Market Outlook - November 2025

Market update

Equity Market Performance
It was a good month for equity markets for October with the
Nifty advancing 4.5%. Broader markets were slightly better
with the Mid-cap and Small-cap indices gaining 5.8% and
4.7%, respectively. All sectoral indices ended higher. Sectoral
performance was led by Realty (+9.2%), IT (+6.7%), and Oil &
Gas (+6.4%). On the other hand, Capital Goods (3.1%), FMCG
(2.7%), and Auto (1.0%) were the top laggards.
Global equities delivered a mixed performance in October.
South Korea (+19.9%), Japan (+16.6%), and Taiwan (+9.3%)
emerged as top performers, whereas Hong Kong (-3.5%),
Philippines (-0.4%), and Malaysia (-0.2%) lagged behind.
The United States and China have recently taken significant
steps to ease long-standing trade tensions. The U.S. Federal
Reserve cut its benchmark interest rate by 25 basis points.
This marks the second rate cut of the year, following a similar
move in September. There was also optimism with respect
to trade relations between US and India.