Domestic markets settled with a gain at the end of the week. The NSE Nifty ended with a gain of 5.30 percent whereas Bank Nifty has ended 11.97percent higher. Foreign portfolio investors continued to be bullish over the last week, with an inflow of about USD 500 million but pressure on domestic institutions continued who withdrew USD 466 million during the same period.

On the economic front, incoming data for India has been strong with India’s manufacturing PMI rose to 58.9 in October- highest in more than a decade. Services PMI came in the positive trajectory at 54.1- the first time since Covid-19. Incoming data of sale of auto vehicles, GST collections surpassed Rs1.05 tn in October, up 10percent from a year ago, and the highest recorded since February 2020. According to RBI official, GST collection, power consumption has witnessed significant recovery. The economy is likely to reach pre-pandemic level by year-end, Finance Ministry said.

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