The Indian equity market is expected to remain firm but may face volatility following key global and domestic data.
The US Federal Reserve cut its benchmark interest rate by 25 basis points to a range of 3.75%-4.00% on October 29, 2025, but Chair Jerome Powell’s cautious tone dampened hopes for a swift December follow-up, causing some overnight global pullback.
On the domestic front, India's Industrial Production growth was a strong 4.0% YoY in September 2025, underpinning the bullish sentiment.
However, China's official Manufacturing PMI dropped to 49.0 in October 2025, signalling continued global manufacturing sluggishness.
Investors should watch US non-farm payroll data and HSBC PMI figures this week for directional cues.
In India, the final reading for the HSBC Manufacturing PMI for October 2025 would be announced on Tuesday (04 November 2025). The HSBC India Manufacturing PMI rose to 58.4 in October 2025 from 57.7 in September, according to preliminary data.
The M3 Money Supply figures for the week ended on October 17 would be made public on Wednesday (05 November 2025). The Money Supply M3 in India increased to Rs 2,88,952.23 billion in the week ending October 3 from Rs 2,83,493.33 billion two weeks before.
The final readings for the HSBC Servuces PMI and the HSBC Composite PMI for October 2025 would be announced on Thursday (06 November 2025).
The HSBC India Services PMI fell to 58.8 in October 2025, down from a final reading of 60.9 in September, preliminary estimates showed. It marked the slowest expansion in the services sector since May, reflecting softer increases in sales.
The HSBC India Composite PMI fell to 59.9 in October 2025 from a final 61.0 in the previous month, flash data showed. It marked the lowest reading since May, with growth in new orders easing to a five-month low while foreign demand rose at the slowest pace since March.
In China, the RatingDog Manufacturing PMI for October 2025 would be announced on Monday (03 November 2025). The The RatingDog China General Manufacturing PMI rose to 51.2 in September 2025, surpassing August’s 50.5 reading. This marked the highest reading since March, matching the level seen that month.
The RatingDog Services PMI for the month of October would be released on Wednesday (05 November 2025). The RatingDog China General Services PMI inched down slightly to 52.9 in September 2025 from 53.0 in the previous month.
On Friday (07 November 2025), the Balance of Trade for October 2025 would be made public. China's trade surplus came in at $90.45 billion in September, above the $81.76 billion recorded in the same month last year, as exports continued to outpace imports.
In the United States, the ISM Manufacturing PMI data for October 2025 would be announced on Monday (03 November 2025). The ISM US Manufacturing PMI rose to 49.1 in September 2025, up from 48.7 in August. The reading marked the seventh consecutive month of contraction, though it was the strongest in the current downturn.
The JOLTs Job Openings data for the month of September would be announced on Tuesday (04 November 2025). Job openings in the US increased by 19,000 to 7.227 million in August 2025, from an upwardly revised 7.208 million reading in July.
The American Petroleum Institute’s (API) crude oil stock change for the week ended on October 31 would be announced on Wednesday (05 November 2025). The US crude oil inventories dropped by 4.0 million barrels in the week ending 24 October 2025, following a 2.98 million-barrel build the previous week.
The ISM Services PMI data for September 2025 would be released on the same day. The ISM Services PMI fell to 50 in September 2025 from 52 in August, signalling the services sector stalled.
The preliminary Nonfarm Productivity reading for the third quarter would be unveiled on Thursday (06 November 2025). The Nonfarm business sector labor productivity in the US rose 3.3% in Q2 2025, rebounding from a 1.8% decline in the previous quarter. It marked the strongest advance since Q4 2023.
Lastly, on Friday (07 November 2025), the preliminary reading for the Michigan Consumer Sentiment for November would be announced. The University of Michigan consumer sentiment for the US was revised lower to 53.6 in October 2025 from a preliminary of 55 and 55.1 in September.