Mumbai, Nov 1: Indian equity benchmarks ended their four-week winning streak, closing marginally lower this week amid profit-booking and mixed global cues.

Benchmark indices Nifty and Sensex dipped 0.65 and 0.55 per cent during the week to close at 25,722 and 83,938, respectively.

Market optimism was bolstered during the first three sessions by positive domestic economic data and China’s approval for few Indian companies to import rare earth magnets.

However, sentiment turned cautious after the US Federal Reserve cut its benchmark interest rate by 25 basis points to the 3.75 per cent–4 per cent range.

“India’s industrial output rose 4 per cent YoY in September 2025, supported by strong manufacturing activity. The US Federal Reserve hinted that the 25-bps cut might be the final one in 2025, which dampened hopes of further near-term easing,” said Ajit Mishra- SVP, Research, Religare Broking Ltd.

Further, steady corporate earnings and continued FII inflows through October helped cushion the downside, he added.

Metals, energy and realty stocks were the major contributors to the rally, while auto, pharma and IT stocks experienced profit-taking.

“While PSU banks surged on reports of a potential hike in foreign investment limits, metal counters gleamed on renewed optimism after China’s pledge to rein in steel overcapacity and signs of progress in US-China trade talks,” added Vinod Nair, Head of Research, Geojit Investments Limited.

Analysts said that capital market stocks lost momentum as SEBI’s proposed overhaul of TER structures weighed on sentiment.

Support for the Nifty is currently located close to the 25,600 zone and the 25,400 zone, while resistance is seen around 26,100, analysts said.

In the upcoming holiday-shortened week, investors are looking for cues from the final readings of the HSBC Manufacturing PMI and HSBC Services and Composite PMI data.

Investors are also keen on the India-US trade deal and trends in developed markets, while on the earnings front, several index heavyweights are set to announce their quarterly results.

New Delhi, Oct 31: India aims to achieve 300 million tonnes of crude steel production capacity by 2030, Union Minister of State for Steel, Bhupathiraju Srinivas Varma, said on Friday.

In a meeting with Sara Modig, State Secretary to Minister for Energy, Business and Industry, Sweden, here, in presence of Swedish Ambassador to India Jan Thesleff and other officials, the minister highlighted India’s growing steel sector, driven by visionary leadership of Prime Minister Narendra Modi.

Notably, India’s domestic steel demand is growing at an impressive 11-13 per cent, fuelled by large-scale infrastructure projects, while global demand faces a slowdown, according to Steel Ministry.

The discussions were held to explore collaboration opportunities in the field of research and development in Green Steel production and other advanced technologies to reduce carbon emissions.

Varma reaffirmed the invitation extended to Sweden to participate in Bharat Steel 2026, an International Conference-cum-Exhibition dedicated to the steel industry, scheduled to be held on April 16–17, 2026, at Bharat Mandapam, New Delhi.

Meanwhile, the growth rate of India’s eight core industries was recorded at 3 per cent in September this year compared to the same month of the previous year, with the steel and cement sectors recording strong growth during the month, data released by the Commerce and Industry Ministry showed.

Steel production surged by a robust 14.1 per cent in September compared to the same month of the previous year on the back of increased demand from big-ticket infrastructure projects being carried out by the government. The cumulative growth of steel during April to Sept of 2025-26 increased by 11 per cent over the corresponding period of the previous year.

The government imposed a 12 per cent temporary safeguard duty on certain steel imports in April 2025 to protect the domestic market. These measures follow previous actions and are part of ongoing efforts to safeguard the industry while promoting self-reliance under initiatives like ‘Make in India’.

New Delhi, Oct 31: India’s fiscal deficit for the first six months of the current financial year (April-September) stood at Rs 5.73 lakh crore, which constitutes 36.5 per cent of the annual estimate in the budget, government data released on Friday showed.

The figures show that the fiscal deficit is well under control, which paves the way for stable growth of the economy.

Total receipts stood at Rs 17.30 lakh crore, while overall expenditure during April to September was at 23.03 lakh crore rupees. These comprised 49.5 per cent and 45.5 per cent, respectively, of the target set in the budget for 2025-26.

Revenue receipts stood at Rs 16.95 lakh crore, of which tax revenue comprised Rs 12.29 lakh crore and non-tax revenue worked out to Rs 4.66 lakh crore.

Non-tax revenue jumped as the Reserve Bank of India approved a dividend of Rs 2.69 lakh crore to the central government, up from Rs 2.11 lakh crore transferred last year. This will help the central government reduce its fiscal deficit further.

The total government expenditure during the April-Sept period went up to Rs 23 lakh crore compared with Rs 21.1 lakh crore during the same period of the previous year.

This reflects higher Government expenditure on big-ticket infrastructure projects in the highways, ports and railways sectors, which play a key role in spurring economic growth in the country amid increasing economic uncertainties triggered by geopolitical developments and the US tariff turmoil.

The central government has pegged its fiscal deficit target at 4.9 per cent of the gross domestic product (GDP) in its latest budget for FY25, compared with 5.6 per cent in the last fiscal year, which was lower than the revised estimates of 5.8 per cent.

A declining fiscal deficit reflects the strengthening of the fundamentals of the economy and paves the way for growth with price stability. It leads to a reduction in borrowing by the government, thus leaving more funds in the banking sector for lending to corporates and consumers, which leads to higher economic growth.

With the strong emerging fiscal position in 2025-26, the government is likely to have some additional headroom to meet unforeseen expenditure on account of defence, according to a recent Bank of Baroda report.

The observation assumes importance in the backdrop of the tensions with Pakistan following the Pahalgam terror attack and Operation Sindoor.